GBP/USD Wave analysis and forecast for 10.07 – 18.07: The pair is likely to decline.
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Estimated pivot point is at the level of 1.7180.
Our opinion: Sell the pair below the level of 1.7083 with the target of 1.69 – 1.68.
Alternative scenario: Breakout and consolidation above the level of1.7180 will enable the price to continue the rise up to the level of 1.73.
Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level has completed. At the moment it is possible that the price is forming the reversal and small in-lead downward waves. If this assumption is correct, and the price does not break down the critical level of 1.7180, the pair will go down to the levels of 1.70 – 1.69. Otherwise, the price will go up to the level of 1.73 and the pattern of the fifth wave will extend.