Estimated pivot point is at a level of 1.3022.

Main scenario: long positions will be relevant above the level of 1.3022 with a target of 1.3660 and higher.

Alternative scenario: breakout and consolidation below the level of 1.3022 will allow the pair to continue declining to a level of 1.2760.

Analysis: The third wave 3 of senior level supposedly continues developing within the 4-hour frame, with the wave iii of 3 developing inside. Apparently, a downward correction of junior level (ii) of iii is completed locally. If the presumption is correct, the pair will resume growing to the levels of 1.3660 – 1.4000. The level 1.3022 is critical in this scenario.

GBP/USD  Wave analysis and forecast for 13.10 – 20.10

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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