The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.2925.
Main scenario: short positions will be relevant below the level of 1.2925 with a target of 1.2600 – 1.2500.
Alternative scenario: breakout and consolidation above the level of 1.2925 will allow the pair to continue the rise up to the levels of 1.3305 – 1.3510.
Analysis: Supposedly, a descending correction continues to develop within the daily frame in the form of the second wave (2) . Presumably the wave C of (2) is developing on the H4 time-frame, with the wave v of C forming inside. On the H1 time-frame, apparently, an upward correction of junior level (iv) of v finished developing and the wave (v) of v is forming at the moment. If the presumption is correct, the pair will continue to drop to the levels 1.2600 – 1.2500. The level 1.2925 is critical in this scenario.
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Price chart of GBPUSD in real time mode
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