GBP/USD Wave analysis and forecast for 10.02 – 17.02: The pair is likely to decline.

Estimated pivot point is at the level of 1.2580.

Our opinion: Sell the pair from correction below the level of 1.2580 with the target of 1.2248 – 1.1984.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2580 will trigger further rise in the pair to 1.27 – 1.28.

Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the formation of the upward correction as the wave ii of 5 has completed and the minor one-two impetus (i) has been formed. If this assumption is correct, the pair may continue to decline to 1.2248 – 1.1984. Critical level for this scenario is 1.2580.