The pair is likely to rise due to correction

Supposedly, the fifth final wave, within which the first wave (i) is completed,  is still forming at the present time. If the assumption is correct, local correction in a form of wave (ii) is developing  to a level of 1.5200 currently. The level  1.5560 is critical in this scenario. Once the correction is completed, the pair is expected to drop to the levels 1.4500-1.4400.

Trading tips

In the short term: buy the pair from corrections above a level of 1.4692 with a target at 1.5200. In the medium term: keep short positions with a target at 1.4500-1.4400.

Alternative scenario:

Breakdown and consolidation above the level of 1.5560 will allow the pair to continue the rise up to the levels of 1.5800-1.6000. 

GBP/USD: wave analysis

GBP/USD: wave analysis

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