Estimated pivot point is at the level of 1.7191.

Our opinion: Sell the pair from correction below the level of 1.7191 with the target of 1.6830 – 1.6720.

Alternative scenario: Breakout and consolidation above the level of 1.7191 will enable the price to continue the rise up to 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level V of 5 of C has completed. At the moment it is possible that the first one-two, one-two wave of the large “bearish” correction is being formed. If this assumption is correct and the price does not break down the critical level of 1.7191, the pair will continue the decline to the levels of 1.6830 – 1.6720.

GBP/USD Wave analysis and forecast for 10.07 – 18.07: The pair is likely to decline.

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Estimated pivot point is at the level of 1.7180.

Our opinion: Sell the pair below the level of 1.7083 with the target of 1.69 – 1.68.

Alternative scenario: Breakout and consolidation above the level of1.7180 will enable the price to continue the rise up to the level of 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level has completed. At the moment it is possible that the price is forming the reversal and small in-lead downward waves. If this assumption is correct, and the price does not break down the critical level of 1.7180, the pair will go down to the levels of 1.70 – 1.69. Otherwise, the price will go up to the level of 1.73 and the pattern of the fifth wave will extend.

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GBP/USD Wave analysis and forecast for 04.07 – 11.07: Uptrend is nearing completion. The pair is likely to start long-term decline.

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Estimated pivot point is at the level of 1.71.

Our opinion: Sell the pair below the level of 1.71 with the target of 1.69 – 1.68.

Alternative scenario: Breakout and consolidation above the level of 1.72 will enable the price to continue the rise up to the level of 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level is nearing completion. At the moment, the fifth wave of the junior level is nearing completion. If this assumption is correct, in the near future the pair may start the decline.

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GBP/USD Wave analysis and forecast for 27.06 – 04.07: Ascending trend in the pair is nearing completion. It is likely that long-term decline in the pair will begin.

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Estimated pivot point is at the level of 1.6950.

Our opinion: In the short-term: Buy the pair from correction above the level of 1.6950 with the target of 1.7080. In the medium-term: wait for the completion of the fifth wave and the reversal and sell the pair with the target of 1.66 or lower.

Alternative scenario: Breakout and consolidation below the level of 1.6950 will enable the price to continue the decline to the levels of 1.67 – 1.66.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level is nearing completion. At the moment, the fifth wave of the junior level is nearing completion. If this assumption is correct, the pair may decline in the long-term.

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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.

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GBP/USD Wave analysis and forecast for 13.06 – 20.06: Uptrend in the pair will continue.

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Estimated pivot point is at the level of 1.6850.

Our opinion: Buy the pair from correction above the level of 1.6850 with the target of 1.71.

Alternative scenario: Breakout and consolidation below the level of 1.6850 will enable the price to continue the decline to the level of 1.67 – 1.66.

Analysis: The price has broken down the critical level, proposed in the previous scenario of the decline in the pair and continued to form the uptrend. It is likely that on the daily timeframe the diagonal will formed in the fifth wave and locally the fifth final wave of the long-term uptrend is being developed. If this assumption is correct, in the short-term the pair will continue to grow to the upper line of the diagonal at 1.71. Critical level for this scenario is 1.648.

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GBP/USD Wave analysis and forecast for 23.05 – 30.05: The pair is likely to decline.

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Estimated pivot point is at the level of 1.6995.

Our opinion: Sell the pair below the level of 1.6995 with the target of 1.6650.

Alternative scenario: Breakout and consolidation above the level of 1.6995 will enable the price to continue the rise up to the level of 1.71.

Analysis: Presumably, the formation of the upward correction in the second wave has completed. Currently, the wave has a shape of a zigzag. Locally, it is not excluded that the decline in the third wave has started. If this assumption is correct, it makes sense to expect that in the near future the pair will fall to the level of 1.6650. Critical level for this scenario is 1.6995.

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GBP/USD Wave analysis and forecast for 25.04 – 02.05: The pair continues to decline.

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Estimated pivot point is at the level of 1.6760.
Our opinion: Buy the pair from correction above the level of 1.6760 with the target of 1.70.
Alternative scenario: Breakout of the level of 1.6760 will enable the price to continue decline to the levels of 1.67 – 1.66.
Analysis: Presumably, the formation of the fifth final wave of the ascending zigzag continues on the daily timeframe. Locally, it is possible that extension in the fifth shallow wave (v) of V of C is being formed. If this assumption is correct the pair will continue to grow to the level of 1.70.

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GBP/USD Wave analysis and forecast for 25.04 – 02.05: The pair is likely to decline.

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Estimated pivot point is at the level of 1.6845.

Our opinion: Sell the pair below the level of 1.6845 with the targets of 1.6750 – 1.67.

Alternative scenario: Breakout of the level of 1.6845 will allow the price to continue growth to the level of 1.70.

Analysis: It is not excluded that the formation of a zigzag ABC on the daily timeframe has completed. Locally it is assumed that the first wave of the long-term downtrend is being formed. If this assumption is correct, and current correction does not break down critical level of 1.6843, it makes sense to expect the decline in the pair to the levels of 1.6750 – 1.67. Otherwise, growth in the pair will resume and wave structure of the fifth wave will continue to extend to the level of 1.70.

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