Main scenario: consider short positions from corrections below the level of 1.1737 with a target of 1.1190 – 1.1000.
Alternative scenario: breakout and consolidation above the level of 1.1737 will allow the pair to continue rising to the levels of 1.2280 – 1.2665.
Analysis: the fifth wave of larger degree V is presumably developing on the daily chart, with wave (3) of V forming as its part. The fifth wave of smaller degree 5 of (1) is developing on the H4 chart, with wave iii of 5 forming inside. On the H1 chart, apparently, there’s wave (iii) of iii of 5 formed, a local correction completed as wave (iv) of iii, and wave (v) of iii forming. If the presumption is correct, the pair will continue to drop to the levels of 1.1190 – 1.1000. The level of 1.1737 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2280 – 1.2665.
Price chart of GBPUSD in real time mode
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