GBP/USD Wave analysis and forecast for 04.07 – 11.07

GBP/USD Wave analysis and forecast for 04.07 – 11.07: Uptrend is nearing completion. The pair is likely to start long-term decline.

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Estimated pivot point is at the level of 1.71.

Our opinion: Sell the pair below the level of 1.71 with the target of 1.69 – 1.68.

Alternative scenario: Breakout and consolidation above the level of 1.72 will enable the price to continue the rise up to the level of 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level is nearing completion. At the moment, the fifth wave of the junior level is nearing completion. If this assumption is correct, in the near future the pair may start the decline.

GBPUSD-D1

GBPUSD-H4

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