GBP/USD Wave Analysis: 11/09/2018-11/16/2018
LiteForex | Nov 09, 2018 08:48AM ET
The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2878.
Main scenario: long positions will be relevant above the level of 1.2878 with a target of 1.3305 – 1.3510 once the correction has finished.
Alternative scenario: Breakout and consolidation below the level of 1.2878 will allow the pair to continue declining to the levels of 1.2700 – 1.2550.
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. If the presumption is correct, the pair will continue rising to 1.3305 – 1.3510 once the correction (ii) of c finishes. The level 1.2878 is critical in this scenario.
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