GBP/USD Wave analysis and forecast for 07.02 – 14.02: The pair is likely to decline. Estimated pivot point is at the level of 1.6626.
Our opinion: In the short-term: sell the pair with the target of 1.62. In the medium-term: wait for the formation of upward correction.
Alternative scenario: Breakout of the level of 1.6626 will enable the pair to continue growth in the uptrend .
Analysis: It is not excluded that medium-term reversal towards correction is being formed. It is assumed that the formation Zigzag in the first wave (daily time-frame) has completed. Locally, downward momentum as the first wave is ongoing, however it is nearing completion and at the moment upward correction in the second wave may be generated.