GBP/USD Wave analysis and forecast for 04.04 – 11.04: The pair is likely to grow. Estimated pivot point is at the level of 1.6460.
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Our opinion: Buy the pair on the pullbacks at the level of 1.6560 with the target of 1.70.
Alternative scenario: Breakout of the level1.6545 will allow the price to continue decline to the level of 1.6460. This decline can put under threat estimated development of the bullish scenario.
Analysis: Presumably, the formation of the long-term uptrend, which is likely to take a shape of a zigzag ABC is still ongoing. Locally, the fifth final wave is being formed, within which a lead-in structure 1-2 has been formed in the junior wave level. If this assumption is true, in the nearest future, rise in the pair will continue in the third wave.