ForexGuru.PK GBP/USD Wave analysis and forecast for 08.12 – 15.12

Estimated pivot point is at a level of 1.3552.

Main scenario: short positions will be relevant below the level of 1.3552 with a target of 1.3218 – 1.3030.

Alternative scenario: Breakout and consolidation above the level of 1.3552 will allow the pair to continue rising to a level of 1.3657.

Analysis: Supposedly, an ascending correction in the form of the wave B of senior level has stopped forming within the 4-hour time frame. Apparently, the wave C has started developing locally, with the first wave of junior level i of C formed and the correction ii of C nearing completion inside. If the assumption is correct, the pair will continue falling to the levels 1.3218 – 1.3030. The level 1.3552 is critical in this scenario.

 

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