GBP/USD Wave analysis and forecast of 20.02 – 27.02: The pair is expected to decline due to correction.
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Estimated pivot point is at the level of 1.5486.
Our opinion: In the short term, sell the pair from correction below a level of 1.5486 with a target at 1.53 – 1.52. In the medium term, wait for correction to complete and buy the pair in the presence of confirming signals.
Alternative scenario: Consolidation above a level of 1.5486 will allow the pair to continue the rise up to levels 1.56 – 1.58.
Analysis: Presumably, the development of the first wave а of 2 under big bullish correction is nearing completion. Apparently, the fifth wave of junior level (v) of a has finished locally. If this assumption is correct, it would be logical to expect local bearish correction to form within the wave b. Growth should continue thereafter.