GBP/USD Wave analysis and forecast for 26.01 – 02.02

Estimated pivot point is at a level of 1.4085.

Main scenario: long positions will be relevant from corrections above the level of 1.4085 with a target of 1.4400 – 1.4500.

Alternative scenario: breakout and consolidation below the level of 1.4085 will allow the pair to continue declining to a level of 1.3913.

Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the third wave iii of 5 of junior level is forming locally, with an impetus developing inside. If the presumption is correct, the pair will continue to rise to levels 1.4400 – 1.4500. The level 1.4085 is critical in this scenario.