GBP/USD Wave analysis and forecast of 20.02 – 27.02: The pair is expected to decline due to correction.

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Estimated pivot point is at the level of 1.5486.

Our opinion: In the short term, sell the pair from correction below a level of 1.5486 with a target at 1.53 – 1.52. In the medium term, wait for correction to complete and buy the pair in the presence of confirming signals.

Alternative scenario: Consolidation above a level of 1.5486 will allow the pair to continue the rise up to levels 1.56 – 1.58.

Analysis: Presumably, the development of the first wave а of 2 under big bullish correction is nearing completion. Apparently, the fifth wave of junior level (v) of a has finished locally. If this assumption is correct, it would be logical to expect local bearish correction to form within the wave b. Growth should continue thereafter.

GBPUSD Wave analysis and forecast of 20.02 – 27.02

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GBPUSD Wave analysis and forecast of 20.02 – 27.02