The GBP/USD price is still likely to rise. Estimated pivot point is at a level of 1.3049.
Main scenario: long positions will be relevant above the level of 1.3049 with a target of 1.3553 – 1.3715.
Alternative scenario: breakout and consolidation below the level of 1.3049 will allow the GBP/USD rate to continue falling down towards level 1.2926.
Analysis:The first wave of senior level (1) is formed as a momentum. Supposedly, the downward correction in the form of the second wave (2) is complete and wave (3) is emerging in the 4-hour timeframe. Apparently, the entry wave of junior level (i) of i and the correction (ii) of i have formed in the 1-hour timeframe. If the presumption is correct, the GBP/USD price should continue rising to the levels of 1.3553 – 1.3715. The level 1.3049 is critical in this scenario.
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