rajenderam40
Short

GBP/USD: Wave analysis

FX:GBPUSD   British Pound/U.S. Dollar
189 0 7
GBP/USD: Wave analysis : Downtrend continues.

Estimated pivot point is at the level of 1.4578.

Our opinion: Sell the pair from correction below the level of 1.4578 with the targets of 1.3650.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4578 will enable the pair to continue the rise to the level of 1.50.

Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level 3. At the moment it seems that the third wave ( iii             ) of v of 3 has completed and correction as the fourth wave (iv) is developing. If this assumption is correct, after the completion of the correction, the pair will continue to decline to 1.3650.
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