GBP/USD Wave analysis and forecast for 23.05 – 30.05

GBP/USD Wave analysis and forecast for 23.05 – 30.05: The pair is likely to decline.

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Estimated pivot point is at the level of 1.6995.

Our opinion: Sell the pair below the level of 1.6995 with the target of 1.6650.

Alternative scenario: Breakout and consolidation above the level of 1.6995 will enable the price to continue the rise up to the level of 1.71.

Analysis: Presumably, the formation of the upward correction in the second wave has completed. Currently, the wave has a shape of a zigzag. Locally, it is not excluded that the decline in the third wave has started. If this assumption is correct, it makes sense to expect that in the near future the pair will fall to the level of 1.6650. Critical level for this scenario is 1.6995.

GBPUSD-D1

GBPUSD-H4

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