The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2665

Main scenario: long positions will be relevant above the level of 1.2665 with a target of 1.3175 – 1.3303.

Alternative scenario: Breakout and consolidation below the level of 1.2665 will allow the pair to continue declining to the levels of 1.2393 – 1.2300.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the wave C of (2) finished developing on the 4-hour time frame in the form of a wedge. Apparently, the wave 3 starts forming on the H1 time-frame, with the wave of junior level (ii) of i of 1 of (3) formed and the wave (iii) of i of 1 developing inside. If the presumption is correct, the pair will continue to rise to the levels 1.3175 – 1.3303. The level 1.2665 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 18/01/2019 – 25/01/2019

GBP/USD: Wave analysis and forecast for 18/01/2019 – 25/01/2019

GBP/USD: Wave analysis and forecast for 18/01/2019 – 25/01/2019


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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 18/01/2019 – 25/01/2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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