GBP/USD price continues declining. Estimated pivot point is at a level of 1.3292.

Main scenario: short positions will be relevant below the level of 1.3292 with a target of 1.2800 – 1.2580.

Alternative scenario: breakout and consolidation above the level of 1.3292 will allow the GBP/USD rate to continue rising up towards level 1.3553.

Analysis: The first wave of (1) is formed as a momentum in 1-day timeframe. In the 4-hour timeframe supposedly, the downward correction in the form of the second wave (2) is complete and the wave C of (2) is emerging inside. Apparently,  the third wave of junior level iii of C is forming in in the 1-hour timeframe. If the presumption is correct, the GBP/USD price should continue declining towards to the levels of 1.2800 – 1.2580. The level 1.3292 is critical in this scenario.

GBP/USD: волновой анализ и прогноз на 20.07.18 – 27.07.18

GBP/USD: волновой анализ и прогноз на 20.07.18 – 27.07.18

GBP/USD: волновой анализ и прогноз на 20.07.18 – 27.07.18

Real-time price chart of GBPUSD

GBP/USD: wave analysis and forecast for 20/07/2018 – 27/07/2018

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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