The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.2932.

Main scenario: short positions will be relevant from corrections below the level of 1.2932 with a target of 1.2660 – 1.2580.

Alternative scenario: breakout and consolidation above the level of 1.2932 will allow the pair to continue the rise up to the levels of 1.3213 – 1.3364.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction continues forming as the second wave (2). Supposedly, the wave C of (2) continues developing on the 4-hour time frame. Apparently, a local upward correction in the form of wave iv of C is completed and the wave v of C starts developing on the 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 1.2660 – 1.2580. The level 1.2932 is critical in this scenario.

GGBP/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

GBP/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

GBP/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

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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