GBP/USD: Wave analysis and forecast for 22.04 – 29.04

GBP/USD: Wave analysis and forecast for 22.04 – 29.04

25 April 2016, 04:29
Roberto Jacobs
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GBP/USD: Wave analysis and forecast for 22.04 – 29.04

GBP/USD: The pair is likely to decline.

Estimated pivot point is at the level of 1.4440.

Our opinion: Sell the pair from correction below the level of 1.4440 with the target of 1.4070 – 1.3820.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4440 will enable the pair to continue the rise up to the level of 1.46 – 1.47.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level has completed. Locally, it seems that the wedge has been formed, which supposedly is the wave с of 4. If this assumption is correct, the pair may decline to 1.4074 – 1.3820. Critical level for this scenario is 1.4440. Breakout of this level will trigger the rise in the pair up to 1.46 – 1.47.


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