GBP/USD: Wave Analysis and Forecast for 08.04 – 15.04
GBP/USD: Wave analysis and forecast: Downtrend continues.
Estimated pivot point is at the level of 1.4460.
Our opinion: Sell the pair from correction below the level of 1.4460 with the target of 1.36 – 1.34.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4460 will enable the pair to continue the rise up to the level of 1.47.
Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the third wave iii of 5 is being developed, within which the first wave (i) has been formed and the correction as the wave (ii) is being developed. If this assumption is correct, after its completion the pair will continue to decline to 1.36 – 1.34. Critical level for this scenario is 1.4460.
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