GBP/USD: Elliott Wave: 18/10/2019 – 25/10/2019

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2598.

Main scenario: long positions will be relevant from corrections above the level of 1.2598 with a target of 1.3167 – 1.3387.

Alternative scenario: Breakout and consolidation below the level of 1.2598 will allow the pair to continue declining to the levels of 1.2197 – 1.1957.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily time frame as a zigzag. On the H4 time frame, wave (3) has started forming, with the first wave 1 of (3) forming inside. On the H1 time frame, apparently, the third wave of junior level iii of 1 of (3) is about to finish forming. If the presumption is correct, after the local correction iv of 1 has formed, the pair will continue to rise to the levels of 1.3167 – 1.3387. The level 1.2598 is critical in this scenario.

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