GBPUSD Wave analysis and forecast for 11.08 – 18.08

Wave analysis and forecast for 11.08 – 18.08: Downtrend continues.

Estimated pivot point is at the level of 1.3110.

Analysis: The first wave (1) of senior level is supposed to finish forming within the 4-hour time frame. A downward correction (2) has supposedly started. Apparently, the wave A of (2) is developing locally and a counter-trend impetus i of A of (2) has formed within. If the assumption is correct, the pair will logically continue dropping to the level 1.2780. The level 1.3110 is critical in this scenario.

Alternative scenario: Breakout and consolidation above the level of 1.3110 will allow the pair to continue rising to a level of 1.3265.