GBP/USD: Wave analysis and forecast for 07/06/2019 – 14/06/2019

Correction is completed, the pair GBP/USD is likely to continue growing. Estimated pivot point is at a level of 1.2550.

Main scenario: long positions will be relevant above the level of 1.2550 with a target of   1.3178 – 1.3377.

Alternative scenario: Breakout and consolidation below the level of 1.2550 will allow the pair to continue declining to the levels of 1.2241 – 1.2101.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the D1 frame in the form of a zigzag and the wave (3) started developing. On the H4 time frame, supposedly, the first counter-trend wave 1 of (3) has formed as a wedge and a descending correction of junior level 2 of (3) has developed. On the H1 time frame, apparently a descending impetus finished developing as the wave c of 2 and the wave 3 of (3) starts forming.  If the presumption is correct, the pair will logically rise to the  levels 1.3178 – 1.3377. The level 1.2550 is critical in this scenario.