The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2975.
Main scenario: long positions will be relevant from corrections above the level of 1.2975 with a target of 1.3474 – 1.3615.
Alternative scenario: Breakout and consolidation below the level of 1.2975 will allow the pair to continue declining to the levels of 1.2782 – 1.2654.
Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the first counter-trend wave of junior level i of 1 of (3) is forming on H4 time frame. On H1 time frame, the third wave (iii) of i has been formed and a downward correction (iv) of i is nearing completion. If the presumption is correct, after correction, the pair will continue to rise to the levels 1.3474 – 1.3615. The level 1.2975 is critical in this scenario.
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Price chart of GBPUSD in real time mode
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