GBP/USD Wave analysis and forecast for 13.06 – 20.06: Uptrend in the pair will continue.
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Estimated pivot point is at the level of 1.6850.
Our opinion: Buy the pair from correction above the level of 1.6850 with the target of 1.71.
Alternative scenario: Breakout and consolidation below the level of 1.6850 will enable the price to continue the decline to the level of 1.67 – 1.66.
Analysis: The price has broken down the critical level, proposed in the previous scenario of the decline in the pair and continued to form the uptrend. It is likely that on the daily timeframe the diagonal will formed in the fifth wave and locally the fifth final wave of the long-term uptrend is being developed. If this assumption is correct, in the short-term the pair will continue to grow to the upper line of the diagonal at 1.71. Critical level for this scenario is 1.648.
