GBP/USD Wave analysis and forecast of 10.10 – 17.10: The pair is likely to decline.
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Estimated pivot point is at the level of 1.6233.
Our opinion: Sell the pair from correction below the level of 1.6233 with the target of 1.59 – 1.55.
Alternative scenario: Breakout and consolidation above the level of 1.6233 will allow the price continue the rise up to the levels of 1.6520 – 1.66.
Analysis: Presumably, the formation of the ascending correction as the wave ii of 3 has completed. It is likely that the pair continues to decline in the third wave iii of 3. If this assumption is correct and the price does not break down the critical level of 1.6233 it makes sense to expect that the price will continue to decline to the level of 1.55.
