GBPUSD Wave analysis and forecast for 07.07 – 14.07

Wave analysis and forecast for 07.07 – 14.07: The pair is likely to decline.

Estimated pivot point is at the level of 1.3026.

Analysis: Presumably, on the four-hour chart the formation of the fifth wave of the senior level continues. At the moment, it is likely that the upward impetus has been formed as the wave i of 5 and the downward correction ii of 5 is being developed, within which the pair may decline to 1.2806. Critical level for this scenario is 1.3026.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3026 will trigger further rise in the pair to 1.3150 – 1.3350.