GBPUSD Wave analysis and forecast for 12.05 – 19.05

Wave analysis and forecast for 12.05 – 19.05: Correction is ongoing.

Estimated pivot point is at the level of 1.2985.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues, within which the wave c of 4 is being developed. At the moment, it is likely that the local correction as the fourth wave (iv) is being developed taking a shape of the irregular plane. If this assumption is correct, the pair may decline to 1.2748 – 1.2670. Critical level for this scenario is 1.2985.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.2985 will trigger further rise in the pair up to 1.3050 – 1.3150.