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GBP/USD: Wave Analysis And Forecast April 5-12, 2019

GBP/USD: Wave Analysis And Forecast April 5-12, 2019

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2955.Main scenario: long positions will be relevant from corrections above the level of 1.2955 with a target of 1.3429 – 1.3626.Alternative scenario: Breakout and consolidation below the level of 1.2955 will allow the pair to continue declining to the levels of 1.2398 – 1.2169.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. Supposedly, the first counter-trend wave 1 of (3) is forming in the form of a wedge on the H4 time frame. Apparently, a local correction in the form of the fourth wave of junior level iv of 1 finished forming on the H1 time frame and the wave v of 1 started developing. If the presumption is correct, the pair will continue to rise to the levels 1.3429 – 1.3626. The level 1.2955 is critical in this scenario.

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