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 continuing forming inside. Apparently, the third wave (iii) of iii of 5 is formed, a local correction is completed as wave (iv) of (iii), and the fifth wave (v) of iii is forming on the H1 chart. 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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