GBP/USD Wave analysis and forecast for 20.06 – 27.06: Uptrend in the pair continues. There is a chance of the local correction.
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Estimated pivot point is at the level of 1.6917.
Our opinion: In the short-term: wait for the completion of the fifth wave v of (iii) and the reversal and then sell the pair with the target of 1.6950 and stop-loss near the local highs. In the medium-term: wait for the formation of the fourth wave (iv) and sell the pair above the level of 1.6917 with the target of 1.71.
Alternative scenario: Breakout and consolidation below the level of 1.6917 will enable the price to continue the decline to the level of 1.67 – 1.66.
Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level is still ongoing. At the moment the third wave of the junior level is nearly completed, within which the fifth wave v of (iii) is close to completion. If this assumption is correct, in the near future the pair will continue to decline in the fourth wave of the senior level towards the level of 1.6917. Critical level for this scenario is 1.6917.
