GBP/USD: wave analysis and forecast for 20/07/2018 – 27/07/2018
GBP/USD price continues declining. Estimated pivot point is at a level of 1.3292.
Main scenario: short positions will be relevant below the level of 1.3292 with a target of 1.2800 – 1.2580.
Alternative scenario: breakout and consolidation above the level of 1.3292 will allow the GBP/USD rate to continue rising up towards level 1.3553.
Analysis: The first wave of (1) is formed as a momentum in 1-day timeframe. In the 4-hour timeframe supposedly, the downward correction in the form of the second wave (2) is complete and the wave C of (2) is emerging inside. Apparently, the third wave of junior level iii of C is forming in in the 1-hour timeframe. If the presumption is correct, the GBP/USD price should continue declining towards to the levels of 1.2800 – 1.2580. The level 1.3292 is critical in this scenario.
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