LiteForex | Jan 11, 2019 09:49AM ET
The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2396.
Main scenario: long positions will be relevant above the level of 1.2396 with a target of 1.3175 – 1.3303.
Alternative scenario: Breakout and consolidation below the level of 1.2396 will allow the pair to continue declining to the levels of 1.2300 – 1.2150.
Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the wave C of (2) finished developing on the 4-hour time frame in the form of a wedge. Presumably the wave (3) started forming on the H1 time frame, with the wave (i) of i of 1 of (3) formed inside. If the presumption is correct, the pair will logically continue growing to the levels 1.3175 – 1.3303 after correction (ii) of i. The level 1.2396 is critical in this scenario.
Written By: LiteForex
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