GBP/USD: Wave Analysis and Forecast for 20.05 – 27.05
Estimated pivot point is at the level of 1.4767.
Our opinion: Sell the pair from correction below the level of 1.4767 with the target of 1.4320 - 1.40.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4767 will enable the pair to continue the rise up to the level of 1.50.
Analysis: Presumably, the formation of the upward correction is nearing completion as the second wave ii of 5, which had deepened and took a shape of an irregular plane. Locally, it seems that the upward impetus as the wave волны (c) of ii has been formed. If this assumption is correct, the pair will continue to decline in the third wave iii of 5 to the level of 1.40. Critical level for this scenario is 1.4767.
