The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.3476.
Main scenario: short positions will be relevant below the level of 1.3476 with a target of 1.3040 – 1.2926.
Alternative scenario: breakout and consolidation above the level of 1.3476 will allow the pair to continue rising to a level of 1.3645.
Analysis: Supposedly, the first wave of senior level (1) is formed as an impetus within the daily timeframe. A downward correction in the form of the second wave (2) is developing in the 4-hour time-frame, with the wave C of (2) forming within. In the 1-hour time frame, apparently, a bearish impetus has been formed as the first wave of junior level i of C and an ascending correction ii of C is developing now. If the presumption is correct, the pair will logically fall to 1.3040 – 1.2926 once the correction is competed. The level 1.3476 is critical in this scenario.
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