GBP/USD Wave analysis and forecast for 09.02 – 16.02

Estimated pivot point is at a level of 1.3835.

Main scenario: long positions will be relevant from corrections above the level of 1.3835 with a target of 1.4400 – 1.4500.

Alternative scenario: breakout and consolidation below the level of 1.3835 will allow the pair to continue declining to a level of 1.3480.

Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, a downward correction in the form of the fourth wave iv of 5 of (1)has finished forming. If the presumption is correct, the pair may continue growing to the levels of 1.4400 – 1.4500  as part of the wave v of 5. The level 1.3835 is critical in this scenario.