GBPUSD Wave analysis and forecast for 26.05 – 02.06

Wave analysis and forecast for 26.05 – 02.06: The pair is likely to decline.

Estimated pivot point is at the level of 1.3014.

Analysis: Presumably, the formation of the upward correction in the wave c of 4 of the senior level has completed. At the moment, it is likely that the formation of the fifth wave (5) has started, within which the first one-two wave (i) is being developed. If this assumption is correct, the pair will continue to decline to the levels of 1.2748 – 1.2670. Critical level for this scenario is 1.3014.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3014 will trigger further rise in the pair up to 1.3100 – 1.3200.