GBP/USD Wave analysis and forecast for 25.04 – 02.05: The pair is likely to decline.
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Estimated pivot point is at the level of 1.6845.
Our opinion: Sell the pair below the level of 1.6845 with the targets of 1.6750 – 1.67.
Alternative scenario: Breakout of the level of 1.6845 will allow the price to continue growth to the level of 1.70.
Analysis: It is not excluded that the formation of a zigzag ABC on the daily timeframe has completed. Locally it is assumed that the first wave of the long-term downtrend is being formed. If this assumption is correct, and current correction does not break down critical level of 1.6843, it makes sense to expect the decline in the pair to the levels of 1.6750 – 1.67. Otherwise, growth in the pair will resume and wave structure of the fifth wave will continue to extend to the level of 1.70.