GBP/USD: Wave analysis and forecast for 16/11/2018 – 23/11/2018

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2693

Main scenario: long positions will be relevant above the level of 1.2693 with a target of   1.3305 – 1.3510.

Alternative scenario: Breakout and consolidation below the level of 1.2693 will allow the pair to continue declining to the levels of 1.2550 – 1.2500.

Analysis: Supposedly, a descending correction continues developing in the form of the second wave (2) on the daily time frame with the wave A of (2) formed within. Presumably the wave B of (2) is developing as a plane on the H4 time-frame, with the wave b of B formed inside. On the H1 time-frame, apparently, a downward impetus has formed as wave (i) of c and the downward correction (ii) of c has finished forming. If the presumption is correct, the pair will continue to rise to the levels 1.3305 – 1.3510. The level  1.2693 is critical in this scenario.