Sunday 8 December 2013

GBP/USD Wave analysis and forecast for 06.12 – 13.12: Uptrend continues.Estimated pivot point is at the level of 1.6290.Our opinion: Buy the pair from correction above the level of 1.6290 with the target of 1.65.Alternative scenario: Breakdown of the level of 1.6290 will enable the pair to continue decline to the levels of 1.62 – 1.61.Analysis: Presumably, local correction within the daily timeframe, which took shape of a plane, has completed, while ascending impetus in the third wave of the higher level is being formed. Locally, ascending impetus in the first lead-in wave i of 3, which can reach the level of 1.65, is nearing completion.


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