GBP/USD: Wave analysis

FX:GBPUSD   British Pound / U.S. Dollar
184 1 8
Estimated pivot point is at the level of 1.4495.

Our opinion: Wait for the completion of the correction and sell the pair below the level of 1.4495 with the target of 1.3950 – 1.3750.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4495 will enable the pair to continue the rise to the level of 1.4935.

Analysis: The formation of the downtrend continues in the third wave of the senior level iii             of 3. At the moment, it seems the impetus is being formed in the third wave of the junior level iii             of 3, within which the local correction as the fourth wave (iv) is being formed. If this assumption is correct, after the completion of the correction the pair will continue to decline to 1.3950 – 1.3750. Critical level for this scenario is 1.4495. Breakdown of this level will cause the rise in the pair up to 1.4935.
Nice count!
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