GBP/USD Wave analysis and forecast of 22.08 – 29.08: Downtrend continues.

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Estimated pivot point is at the level of 1.6640.

Our opinion: Sell the pair from correction below the level of 1.6640 with the target of 1.64 – 1.63.

Alternative scenario: Breakout and consolidation above the level of 1.6640 will make the price continue the rise to the levels of 1.67 – 1.68 as part of the deep correction.

Analysis: Presumably, the formation of the downward impetus in the first wave of the deep medium-term correction continues. By all appearances, the third wave has formed, and the local correction in the wave iv has started. If this assumption is correct and the price does not break down the critical level of 1.6640, the pair will continue to decline to the levels of 1.64 – 1.63.

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