GBP/USD: Wave analysis and forecast for 19.02 – 26.02: Downtrend continues.
Estimated pivot point is at the level of 1.4580.
Our opinion: Sell the pair below the level of 1.4580 with the target of 1.3950.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4580 enable the pair to continue the rise to the levels of 1.50 - 1.55.
Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level. At the moment it seems that the formation of the fourth wave iv of 3 has completed and the fifth wave is being developed, within this wave the third wave (iii) of the junior level is evolving. If this assumption is correct, the pair will continue to decline to 1.3950. Critical level for this scenario is 1.4580.