GBP/USD: Wave analysis and forecast for 01.07 – 08.07: It is expected that the pair will undergo upward correction.
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Estimated pivot point is at the level of 1.3526.
Our opinion: Buy the pair from correction above the level of 1.3526 with the target of 1.4060 – 1.4280.
Alternative scenario: Decline in the pair below the level of 1.31 and formation of the extended wave pattern 1 of (5).
Analysis: Presumably, the formation of the first wave 1 of (5), which is taking a shape of a wedge, is nearing completion. Locally, it is likely that the fifth wave of the junior level v of 1 is being formed. If this assumption is correct after the completion of this wave the pair can reverse and go up to 1.4060 – 1.4280 as part of the correction.
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