GBP/USD: wave analysis and forecast for 30.08.19 – 06.09.19

The probability of an increase in GBP/USD remains. Estimated pivot point is at the level of 1.2013.

Main scenario: “long positions” are relevant from corrections above the level of 1.2013 with the target of 1.2543 – 1.2704.

Alternative scenario: breakout and consolidation below the level of 1.2013 will allow the pair to decline to 1.1900 – 1.1800.

Analysis: within the daily timeframe, the formation of the downward correction of the senior level as the second wave (2), which took the form of a zigzag, has supposedly been completed. On the 4-hour timeframe, the development of the third wave (3) begins, it includes the first counter-trend impulse wave of the junior level i of 1 of (3). Within the H1 timeframe, it seems that a local correction is developing as wave ii of 1, and if the assumption is correct, then after its completion the pair will continue to grow to 1.2543 – 1.2704. Critical level for this scenario is 1.2013.