Main scenario: consider long positions from corrections above the level of 1.3155 with a target of 1.4000 – 1.4238.
Alternative scenario: breakout and consolidation below the level of 1.3155 will allow the pair to continue declining to the levels of 1.2831 – 1.2487.
Analysis: the first wave of larger degree (1) formed on the daily chart, and a descending correction developed as wave (2), supposedly. The third wave (3) has started developing on the H4 chart, with the first wave of smaller degree i of 1 of (3) formed and a downside correction coming to an end as the second wave ii of 1 inside. Apparently, wave (с) of ii is nearing completion on the H1 chart. If the presumption is correct, the pair’s growth can be expected to resume to the levels of 1.4000 – 1.4238. The level of 1.3155 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2831 – 1.2487.
Price chart of GBPUSD in real time mode
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