GBP/USD Wave analysis and forecast for 12.01 – 19.01

Estimated pivot point is at a level of 1.3457.

Main scenario: long positions will be relevant from corrections above the level of 1.3457 with a target of 1.3657 – 1.3700.

Alternative scenario: Breakout and consolidation below the level of 1.3457 will allow the pair to continue declining to the levels of 1.3327 – 1.3298.

Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the wave v of 5 of junior level is forming locally, with a correction in the form of the wave (iv) of v finished inside If the presumption is correct, the pair will continue to rise to the levels 1.3657 – 1.3700 within the wave (v) of v. The level 1.3457 is critical in this scenario.