GBP/USD Wave Analysis: 21/09/2018 – 28/09/2018
LiteForex | Sep 21, 2018 09:18AM ET
The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3096.
Main scenario: long positions will be relevant from corrections above the level of 1.3096 with a target of 1.3474 – 1.3615.
Alternative scenario: Breakout and consolidation below the level of 1.3096 will allow the pair to continue declining to the levels of 1.2926 – 1.2782.
Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the first counter-trend wave of junior level i of 1 of (3) is forming on H4 time frame. Apparently, the wave (iii) of i continues developing on H1 timeframe. If the presumption is correct, the pair will continue to rise to the levels 1.3474 – 1.3615. The level 1.3096 is critical in this scenario.
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