GBP/USD Wave analysis and forecast of 03.10 – 10.10: The pair is likely to decline.
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Estimated pivot point is at the level of 1.6250.
Our opinion: Sell the pair from correction below the level of 1.6250 with the target of 1.60 – 1.5950.
Alternative scenario: Breakout and consolidation of the price above the level of 1.6250 will enable the pair to continue the growth to the levels of 1.65 – 1.6550.
Analysis: Presumably, the formation of downward impetus in the first wave of the deep medium-term correction continues. At this moment the pair is expected to continue to decline in the fifth wave of the developing “bearish” impetus. Locally, it is most probable that development of the small correction is completed as the wave (iv) of v and the final fifth wave is being formed.
