GBP/USD: Wave Analysis And Forecast For July 5-12, 2019

Correction is completed, the pair GBP/USD is likely to continue growing. Estimated pivot point is at a level of 1.2505.Main scenario: long positions will be relevant from corrections above the level of 1.2505 with a target of 1.2972 – 1.3178.Alternative scenario: Breakout and consolidation below the level of 1.2505 will allow the pair to continue declining to the levels of 1.2241 – 1.2101.Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the D1 time frame in the form of a zigzag and the wave (3) started developing. Presumably a downward correction 2 of (3) finished forming on the H4 timeframe. Apparently, the wave 3 of (3) starts forming on the H1 time-frame, with the first counter-trend wave of junior level (i) of i of 3 formed and the correction (ii) of i completed inside. If the presumption is correct, the pair will continue to rise to the levels 1.2972 – 1.3178. The level 1.2505 is critical in this scenario.

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