GBP/USD Wave analysis and forecast for 11.04 – 18.04: The pair is likely to grow. Estimated pivot point is at the level of 1.6556.

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Our opinion: Buy the pair above the level of 1.6750 with the target of 1.6880 – 1.70.

Alternative scenario: Breakout of the level of 1.6750 will allow the price to continue decline to the level of 1.6670 as part of correction in the fourth (iv) wave.

Analysis: Presumably, the formation of the long-term uptrend, which is likely to take a shape of a zigzag ABC is still ongoing. Locally, the fifth final wave is being formed, within which the third wave (iii) has been formed in the junior wave level. Critical level for this scenario is 1.6556.

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