GBP/USD: Wave analysis : Downtrend continues.
Estimated pivot point is at the level of 1.4578.
Our opinion: Sell the pair from correction below the level of 1.4578 with the targets of 1.3650.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4578 will enable the pair to continue the rise to the level of 1.50.
Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level 3. At the moment it seems that the third wave (iii) of v of 3 has completed and correction as the fourth wave (iv) is developing. If this assumption is correct, after the completion of the correction, the pair will continue to decline to 1.3650.
Estimated pivot point is at the level of 1.4578.
Our opinion: Sell the pair from correction below the level of 1.4578 with the targets of 1.3650.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4578 will enable the pair to continue the rise to the level of 1.50.
Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level 3. At the moment it seems that the third wave (iii) of v of 3 has completed and correction as the fourth wave (iv) is developing. If this assumption is correct, after the completion of the correction, the pair will continue to decline to 1.3650.
