GBP/USD: Wave Analysis and Forecast for 27.05 – 03.06

GBP/USD: Wave Analysis and Forecast for 27.05 – 03.06

29 May 2016, 05:13
Roberto Jacobs
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GBP/USD: Wave Analysis and Forecast for 27.05 – 03.06

Estimated pivot point is at the level of 1.4738.

Our opinion: Sell the pair from correction below the level of 1.4738 with the target of 1.4320 - 1.40.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4738 will enable the pair to continue the rise up to the level of 1.50.

Analysis: Presumably, the formation of the upward correction has completed as the second wave ii of 5, which has deepened and taking a shape of irregular plane. Locally, it seems that the pair is going to reverse. If this assumption is correct, the price will continue to decline in the third wave iii of 5 to the levels of 1.4320 - 1.40. Critical level for this scenario is 1.4738.


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