GBP/USD: Wave analysis and forecast for 12.02 – 19.02: Downtrend continues.
Estimated pivot point is at the level of 1.4670.
Our opinion: Sell the pair below the level of 1.4670 with the target of 1.3950.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4670 will enable the pair to continue the rise to the level of 1.55.
Analysis: Presumably, the formation of the local correction as the wave iv of 3 has completed as part of the “bearish” impetus. At the moment, it seems that the fifth wave is being developed. If this assumption is correct, the pair will continue to decline to 1.3950. Critical level for this scenario is 1.4670.