The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.3230.
Main scenario: short positions will be relevant below the level of 1.3230 with a target of 1.2926.
Alternative scenario: breakout and consolidation above the level of 1.3230 will allow the pair to continue rising to a level of 1.3477.
Analysis: Supposedly, the first wave of senior level (1) is formed as an impetus within the daily timeframe. A downward correction in the form of the second wave (2) is developing in the 4-hour time-frame, with the wave C of (2) forming within. Apparently, the third wave iii of C of junior level continues developing in the 1-hour time frame. If this assumption is correct, the pair will continue to drop to 1.2926. The level 1.3230 is critical in this scenario.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
Price chart of GBPUSD in real time mode
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.