GBP/USD Wave analysis and forecast for 30.12 – 06.01: The pair is likely to rise as part of correction.
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Estimated pivot point is at the level of 1.2214.
Our opinion: Buy the pair from correction above the level of 1.2214 with the target of 1.2470 – 1.2526.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2214 will trigger further decline in the pair to 1.1885.
Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the downward impetus as the first wave of the junior level i of 5 has been formed and the upward correction ii of 5 is being developed. If this assumption is correct, the pair will continue to rise up to 1.2470 – 1.2526. Critical level for this scenario is 1.2214.
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