GBP/USD Wave analysis and forecast for 27.06 – 04.07: Ascending trend in the pair is nearing completion. It is likely that long-term decline in the pair will begin.
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Estimated pivot point is at the level of 1.6950.
Our opinion: In the short-term: Buy the pair from correction above the level of 1.6950 with the target of 1.7080. In the medium-term: wait for the completion of the fifth wave and the reversal and sell the pair with the target of 1.66 or lower.
Alternative scenario: Breakout and consolidation below the level of 1.6950 will enable the price to continue the decline to the levels of 1.67 – 1.66.
Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level is nearing completion. At the moment, the fifth wave of the junior level is nearing completion. If this assumption is correct, the pair may decline in the long-term.