Main scenario: consider short positions from corrections below the level of 1.3302 with a target of 1.3000 – 1.2831.
Alternative scenario: breakout and consolidation above the level of 1.3302 will allow the pair to continue rising to the levels of 1.3414 – 1.3638.
Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). On the H4 chart, wave B of (2) has finished forming, and wave С of (2) is developing. On the H1 chart, the third wave of smaller degree iii of C appears to have formed, a local correction is completed as the fourth wave iv of C, and wave v of C has started unfolding. If this assumption is correct, the pair will continue to fall to 1.3000 – 1.2831. The level of 1.3302 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3414 – 1.3638.
Price chart of GBPUSD in real time mode
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