GBP/USD Wave analysis and forecast for 26.08 – 02.09: The pair is likely to fall.
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Estimated pivot point is at a level of 1.3276.
Our opinion: Sell the pair from correction below a level of 1.3276 with a target at 1.3020 – 1.2864.
Alternative scenario: Breakout and consolidation above the level of 1.3276 will allow the pair to continue the rise up to the levels of 1.3354 – 1.3475.
Analysis: Supposedly, the ascending correction in a form of the wave 2 has been formed. Apparently, the wave c of 2 has developed locally as a diagonal. If the assumption is correct, the pair will drop logically to the levels 1.3020 – 1.2864. The level 1.3276 is critical in this scenario.
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