GBP/USD: Estimated Pivot Point At 1.3006

The pair GBP/USD is still likely to grow. The estimated pivot point is at a level of 1.3006.

Main scenario: long positions will be relevant above the level of 1.3006 with a target of 1.3390 – 1.3628.

Alternative scenario: Breakout and consolidation below the level of 1.3006 will allow the pair to continue declining to the levels of 1.2827 – 1.2665.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. On the H4 time frame, supposedly, the wave C of (2) finished developing in the form of a wedge and the first counter-trend wave of junior level i of 1 of (3) started forming. Apparently, the wave (iii) of i of 1 continues developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3390 – 1.3628. The level 1.3006 is critical in this scenario.

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