GBP/USD: Wave analysis and forecast for 08/02/2019 – 15/02/2019

The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.3215.

Main scenario: short positions will be relevant from corrections below the level of 1.3215 with a target of 1.2806 – 1.2707.

Alternative scenario: breakout and consolidation above the level of 1.3215 will allow the pair to continue the rise up to the levels of 1.3390 – 1.3628.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of junior level i of 1 of (3) has been formed and a descending correction is developing in the form of wave  ii of 1  on the H4 time frame. Apparently, the wave a of ii is formed on the H1 time frame.  If this assumption is correct, the pair will continue to fall to  1.2806 – 1.2707 once the wave  b of ii finished forming. The level  1.3215 is critical in this scenario.