GBP/USD Wave analysis and forecast for 18.04 – 25.04: The pair is likely to grow. Estimated pivot point is at the level of 1.6656.
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Our opinion: Buy the pair above the level of 1.6656 with the target of 1.6980 – 1.70.
Alternative scenario: Breakout of the level of 1.6656 will allow the price to continue decline to the level of 1.65 and further down as part of large correction.
Analysis: The formation of the long-term uptrend, which is likely to take a shape of a zigzag ABC is still ongoing. Locally, the fifth final wave is being formed, within which the shallow final fifth wave (iii) is being formed in the junior wave level. If this assumption is true, and current correction does not break down the critical level of 1.6656, the pair will continue to rise to the levels of 1.6980 – 1.70.