GBP/USD Wave analysis and forecast for 14.02 – 21.02: Uptrend continues. Estimated pivot point is at the level of 1.6250.
Our opinion: Buy the pair from correction above the level of 1.6250 with the target of 1.6860.
Alternative scenario: Breakout of the level 1.6250 will enable the pair to continue decline in correction throughout the ascending momentum.
Analysis: Uptrend continues. It is not excluded that the final fifth wave of the ascending momentum, which has elongated first wave is being formed. If this assumption is true, the fifth wave is restricted by the level of 1.6864, according to the rule that the third wave shall not be the shortest. According to wave laying, locally, the first wave inside estimated fifth wave is nearing completion, suggesting that in the near future downward correction will develop to the levels of 1.6470 – 1.6420.