The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2724.

Main scenario: long positions will be relevant above the level of 1.2724 with a target of 1.3305 – 1.3510.

Alternative scenario: Breakout and consolidation below the level of 1.2724 will allow the pair to continue declining to the levels of 1.2550 – 1.2500.

Analysis: Supposedly, a descending correction continues developing in the form of the second wave (2) on the daily time frame with the wave A of (2) formed within. Presumably the wave B of (2) is developing as a plane on the H4 time-frame, with the wave с of B forming inside. On the H1 time-frame, apparently, a downward correction (ii) of c finished developing and the wave (iii) of c starts forming. If the presumption is correct, the pair will continue to rise to the levels 1.3305 – 1.3510. The level 1.2724 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 23/11/2018 – 30/11/2018

GBP/USD: Wave analysis and forecast for 23/11/2018 – 30/11/2018

GBP/USD: Wave analysis and forecast for 23/11/2018 – 30/11/2018


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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 23/11/2018 – 30/11/2018

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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