GBP/USD Wave analysis and forecast for 02.02 – 09.02
Estimated pivot point is at a level of 1.3981
Main scenario: long positions will be relevant from corrections above the level of 1.3981 with a target of 1.4400 – 1.4500.
Alternative scenario: breakout and consolidation below the level of 1.3981 will allow the pair to continue declining to a level of 1.3810.
Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the third wave iii of 5 of junior level is forming locally, with the wave (v) of iii developing inside. If the presumption is correct, the pair will continue to rise to levels 1.4400 – 1.4500. The level 1.3981 is critical in this scenario.