The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.3230.
Main scenario: short positions will be relevant below the level of 1.3230 with a target of 1.2926.
Alternative scenario: breakout and consolidation above the level of 1.3230 will allow the pair to continue rising to a level of 1.3477.
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. Apparently, the third wave iii of C of junior level continues developing in the 1-hour time frame. If this assumption is correct, the pair will continue to drop to 1.2926. The level 1.3230 is critical in this scenario.
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