GBP/USD Wave analysis : The pair is likely to rise.
Estimated pivot point is at a level of 1.4794.
Our opinion: Buy the pair from the correction above the level of 1.4794 with the target of 1.5240.
Alternative scenario: Breakout and consolidation of the price below the level of 1.4794 will enable the pair to continue decline to the levels of 1.47 – 1.4650.
Analysis: It is quite possible that the formation of the “bearish” correction, as the wave B of the senior level, has completed. At the moment, it is assumed that the wedge has been formed in the wave c of B, which suggests that downward correction might come to an end. If this assumption is correct and the price does not break down the critical level of 1.4794, it makes sense to expect that the pair will go up to the level of 1.5240.
Our opinion: Buy the pair from the correction above the level of 1.4794 with the target of 1.5240.
Alternative scenario: Breakout and consolidation of the price below the level of 1.4794 will enable the pair to continue decline to the levels of 1.47 – 1.4650.
Analysis: It is quite possible that the formation of the “bearish” correction, as the wave B of the senior level, has completed. At the moment, it is assumed that the wedge has been formed in the wave c of B, which suggests that downward correction might come to an end. If this assumption is correct and the price does not break down the critical level of 1.4794, it makes sense to expect that the pair will go up to the level of 1.5240.
