The pair GBP/USD continues falling. Estimated pivot point is at a level of 1.3215.

Main scenario: short positions will be relevant from corrections below the level of 1.3215 with a target of 1.2800 – 1.2580.

Alternative scenario: breakout and consolidation above the level of 1.3215 will allow the pair to continue rising to a level of 1.3553.

Analysis: Supposedly, the first wave of senior level (1) is formed as an impetus within the daily timeframe. Supposedly, a downward correction in the form of the second wave (2) continues developing on the 4-hour time-frame, with the wave C of (2) forming inside. Apparently, a local correction in the form of wave ii of C of junior level is completed on the 1H time frame. If the presumption is correct, the pair will resume falling in the third wave iii of C to the levels of 1.2800 – 1.2580. The level 1.3215 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

GBP/USD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

GBP/USD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

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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