GBP/USD Wave analysis and forecast for 08.08 – 15.08: Downtrend remains. Estimated pivot point is at the level of 1.6890.
Our opinion: In the short-term: sell the pair from correction below the level of 1.6890 6925 with the target of 1.6730. In the medium-term: wait for the completion of the fifth wave and in case of reversal, sell the pair with the target of 1.70.
Alternative scenario: Breakout and consolidation above the level of 1.6890 will enable the price to continue the rise up to 1.70, as part of correction.
Analysis: Presumably, the formation of the downward momentum in the first one-two, one-two wave of the deep medium-term correction continues. It seems at the moment that the formation of the fourth wave has completed and the fifth, final wave is being formed. If this assumption is correct, after the completion of the fifth wave the pair will go up undergoing correction in the wave ii.