LFWT Signal – GBPUSD Wave analysis and forecast for 21.07 – 28.07

Wave analysis and forecast for 21.07 – 28.07: Uptrend continues.

Estimated pivot point is at the level of 1.2820.

Analysis: Presumably, on the four-hour chart the formation of the fifth wave of the senior level continues. At the moment, it is likely that the third wave iii of 5 is being developed, within which the correction (ii) is nearing completion. If this assumption is correction, the pair may continue to rise up to 1.3150 – 1.3350. Critical level for this scenario is 1.2820.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2820 will trigger further decline in the pair to 1.2570.