The pair GBP/USD continues falling. Estimated pivot point is at a level of 1.3175.
Main scenario: short positions will be relevant from corrections below the level of 1.3175 with a target of 1.2800 – 1.2580.
Alternative scenario: breakout and consolidation above the level of 1.3175 will allow the pair to continue rising to a level of 1.3553.
Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction continues forming as the second wave (2). A wave C of (2), supposedly, is developing on the 4H time frame, with the wave iii of C forming inside. Apparently, the third wave of junior level (iii) of iii of C is developing on the 1H frame. If the presumption is correct, the pair will continue falling to 1.2800 – 1.2580. The level 1.3175 is critical in this scenario.
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Price chart of GBPUSD in real time mode
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