The pair GBP/USD continues falling. Estimated pivot point is at a level of 1.3215.
Main scenario: short positions will be relevant from corrections below the level of 1.3215 with a target of 1.2800 – 1.2580.
Alternative scenario: breakout and consolidation above the level of 1.3215 will allow the pair to continue rising to a level of 1.3553.
Analysis: Supposedly, the first wave of senior level (1) is formed as an impetus within the daily timeframe. Supposedly, a downward correction in the form of the second wave (2) continues developing on the 4-hour time-frame, with the wave C of (2) forming inside. Apparently, a local correction in the form of wave ii of C of junior level is completed on the 1H time frame. If the presumption is correct, the pair will resume falling in the third wave iii of C to the levels of 1.2800 – 1.2580. The level 1.3215 is critical in this scenario.
Price chart of GBPUSD in real time mode
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