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.