GBP/USD Wave analysis and forecast for 25.07 – 01.08

Estimated pivot point is at the level of 1.7191.

Our opinion: Sell the pair from correction below the level of 1.7191 with the target of 1.6830 – 1.6720.

Alternative scenario: Breakout and consolidation above the level of 1.7191 will enable the price to continue the rise up to 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level V of 5 of C has completed. At the moment it is possible that the first one-two, one-two wave of the large “bearish” correction is being formed. If this assumption is correct and the price does not break down the critical level of 1.7191, the pair will continue the decline to the levels of 1.6830 – 1.6720.