GBPUSD Wave analysis and forecast for 01.08 – 08.08: The pair is likely to decline.

Estimated pivot point is at the level of 1.6925.

Our opinion: Sell the pair from correction below the level of 1.6925 with the targets of 1.6830 – 1.6720.

Alternative scenario: Breakout and consolidation above the level of 1.6925 will enable the price to continue the rise up to 1.70, as part of correction.

Analysis: Presumably, the formation of the downward momentum in the first one-two, one-two wave of the deep medium-term correction continues. It seems at the moment that the formation of the third wave as part of the supposed correction has completed. If this assumption is correct, after the completion of the local correction the pair will continue to decline to the level of 1.6830. Critical level for this scenario is 1.6925.