GBP/USD: Wave Analysis and Forecast for 29.04 – 06.05
Estimated pivot point is at the level of 1.4513.
Our opinion: buy the pair from correction above the level of 1.4513 with the target of 1.4724 - 1.4800. In case of breakdown of the level of 1.4513 and consolidation of the price below this level, sell with the target of 1.4044.
Alternative scenario: breakout and consolidation of the price below the level of 1.4513 will enable the pair to continue decline to the level of 1.4044.
Analysis: presumably, the formation of the upward correction as the fourth wave of the senior level continues. Locally, it seems that the wave с of 4 is being developed, within which an impetus is being formed and the final fifth wave. If this assumption is correct, the pair will continue to rise up to 1.4724 – 1.48.
