The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2658.

Main scenario: long positions will be relevant above the level of 1.2658 with a target of 1.3510 – 1.3708 once the correction has finished.

Alternative scenario: breakout and consolidation below the level of 1.2658 will allow the pair to continue declining to the levels of 1.2334 – 1.2097.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the first counter-trend wave of junior level i of 1 of (3) has been formed and a descending correction is developing in the form of wave ii of 1 on the H4 time frame. Apparently, the wave (с) of ii is forming on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3510 – 1.3708 once the wave finished forming. The level 1.2658 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

GBP/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

GBP/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

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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