GBP/USD Wave analysis and forecast for 08.11 – 15.11: The pair is likely to decline. Estimated pivot point is at the level of 1.6260.
Our opinion: Wait for the completion of the ascending correction and sell the pair below the level of 1.6260 with the target of 1.56.
Alternative scenario: Breakdown of the level of 1.6260 will enable the pair to continue growth up to the levels of 1.64 – 1.65.
Analysis: Presumably, upward impetus on the daily time-frame has completed. Locally, the price has formed downward impetus and at the moment is nearing the completion of the ascending correction as the wave b. If this assumption is correct, the pair will continue to decline.