GBP/USD: Wave analysis and forecast for 01/02/2019 – 08/02/2019

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3006.

Main scenario: long positions will be relevant above the level of 1.3006 with a target of   1.3390 – 1.3628.

Alternative scenario: Breakout and consolidation below the level of 1.3006 will allow the pair to continue declining to the levels of 1.2827 – 1.2665.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. On the H4 time frame, supposedly, the wave C of (2) finished developing in the form of a wedge and the first counter-trend wave of junior level i of 1 of (3) started forming. Apparently, the wave (iii) of i of 1 continues developing on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 1.3390 – 1.3628. The level  1.3006 is critical in this scenario.