GBP/USD: Wave Analysis and Forecast for 06.05 – 13.05

GBP/USD: Wave Analysis and Forecast for 06.05 – 13.05

9 May 2016, 02:04
Roberto Jacobs
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GBP/USD: Wave Analysis and Forecast for 06.05 – 13.05

GBP/USD:  Correction has completed. The pair is likely to decline.

Estimated pivot point is at the level of 1.4770.

Our opinion: Sell the pair from correction below the level of 1.4770 with the target of 1.4285 - 1.4040.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4770 will enable the pair to continue the rise up to the levels of 1.49 – 1.50.

Analysis: Presumably, the formation of the upward correction as the fourth wave 4 of the senior level has completed. Locally, it seems that the pair is declining in the fifth wave 5, within which one-two impetus (i) has been formed. If this assumption is correct, the pair will continue to decline to 1.4285 - 1.4040.


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