Estimated pivot point is at the level of 1.4513.

Our opinion: buy the pair from correction above the level of 1.4513 with the target of 1.4724 - 1.4800. In case of breakdown of the level of 1.4513 and consolidation of the price below this level, sell with the target of 1.4044.

Alternative scenario: breakout and consolidation of the price below the level of 1.4513 will enable the pair to continue decline to the level of 1.4044.

Analysis: presumably, the formation of the upward correction as the fourth wave of the senior level continues. Locally, it seems that the wave с of 4 is being developed, within which an impetus is being formed and the final fifth wave. If this assumption is correct, the pair will continue to rise up to 1.4724 – 1.48.

 

GBR/USD H1

GBR/USD H4




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