GBP/USD: Wave analysis and forecast for 22.07 – 29.07: Correction in the pair continues.
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Estimated pivot point is at the level of 1.3058.
Our opinion: Buy the pair from correction above the level of 1.3058 with the target of 1.3680 – 1.3888.
Alternative scenario: Breakout and consolidation of the price below the level of 1.3058 may trigger further decline to 1.2256.
Analysis: Presumably, the formation of the upward correction continues as the wave 2. Locally, it seems that the formation of the wave (c) of 2, having a shape of a zigzag, is nearing completion. If this assumption is correct, the pair can continue to rise up to 1.3680 – 1.3888. Critical level for this scenario is 1.3058. Breakout of this level will trigger further decline in the pair.
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