GBP/USD Wave analysis and forecast for 16.05 – 23.05: The pair is likely to decline.
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Estimated pivot point is at the level of 1.6902.
Our opinion: Sell the pair from correction below the level of 1.6902 with the target of 1.67 – 1.6650.
Alternative scenario: Breakout and consolidation above the level of 1.6902 will enable the price to continue growth up to the level of 1.70.
Analysis: Presumably, the formation of the fifth final wave of the upward zigzag has completed within the daily timeframe. Locally, it is not excluded that the “bearish” momentum as the first in-lead wave is being formed. If this assumption is correct, the pair will continue to decline to the level of 1.67 – 1.6650 in the fifth wave.
