GBP/USD: Wave analysis and forecast for 02/11/2018 – 09/11/2018

The GBP/USD rate is still likely to grow. Estimated pivot point is at a level of 1.2690.

Main scenario: long positions will be relevant from corrections above the level of 1.2690 with a target of 1.3305 – 1.3510.

Alternative scenario: Breakout and consolidation below the level of 1.2690 will allow the pair to continue falling to the levels of 1.2550 – 1.2450.

Analysis: Supposedly, a downward correction in the form of the wave (2) continues developing in the daily time frame with the wave A of (2) formed within. Supposedly, the plane-shaped wave B of (2) is is forming in the H4 timeframe, with the wave b of B formed inside. Apparently, an upward momentum has been formed in the form of the wave (i) of c in the H1 timeframe. If the presumption is correct, the pair may continue growing to the levels 1.3305 – 1.3510. The level 1.2690 is critical in this scenario.