GBP/USD Wave analysis and forecast of 19.09 – 26.09: Correction is nearing completion. The pair is likely to decline.
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Estimated pivot point is at the level of 1.6450.
Our opinion: Sell the pair below the level of 1.6450 with the target of 1.59 – 1.5850.
Alternative scenario: Breakout and consolidation above the level of 1.6450 will make the price continue the rise up to the levels of 1.65 – 1.6550.
Analysis: Presumably, the formation of the downward impetus in the first wave of the deep medium-term correction continues. At the moment it is likely that the correction in the fourth wave is nearing completion. If this assumption is correct, the pair will soon continue to drop to the levels of 1.59 – 1.5850.