GBP/USD: Wave analysis and forecast for 04/01/2019 – 11/01/2019

The pair  GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.2810.

Main scenario: short positions will be relevant below the level of 1.2810 with a target of 1.2300 – 1.2150.

Alternative scenario: breakout and consolidation above the level of 1.2810 will allow the pair to continue growing to a level of 1.3175.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) continues forming, with the wave C of (2) developing inside on the daily frame. The wave I of C is supposedly formed in the H4 timeframe, and the correction as the wave ii of C has finished. Apparently, the wave iii of C has started developing on the H1 timeframe, with the wave (i) of iii formed inside. If the presumption is correct, the pair will logically fall to the levels 1.2300 – 1.2150. The level 1.2810 is critical in this scenario.