GBP/USD: Wave Analysis and Forecast for 15.04 – 22.04
GBP/USD: Downtrend continues.
Estimated pivot point is at the level of 1.4352.
Our opinion: Sell the pair from correction below the level of 1.4352 with the target of 1.36 – 1.34.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4352 will enable the pair to continue the rise up to the level of 1.46 – 1.47.
Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the third wave iii of 5 is being developed, within which correction as the wave (ii) has completed and the third wave is being formed (iii). If this assumption is correct, the pair will continue to decline to 1.36 – 1.34. Critical level for this scenario is 1.4352.
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