GBP/USD: Wave analysis and forecast for 15/02/2019 – 22/02/201

The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.2959.

Main scenario: short positions will be relevant from corrections below the level of 1.2959 with a target of 1.2710 – 1.2650.

Alternative scenario: breakout and consolidation above the level of 1.2959 will allow the pair to continue the rise up to the levels of 1.3212 – 1.3390.

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. On H1 time frame, apparently the wave (b) of ii has been formed and the wave (c) of ii is developing at the moment. If the presumption is correct, the pair will continue to drop to the levels of  1.2710 – 1.2650. The level  1.2959 is critical in this scenario.