The pair is expected to grow

Presumably, the fifth final wave within a long-term bearish impetus has already formed. Apparently, a counter-trend impetus and a correction in a form of wave (ii) have formed by now. The third wave targeted at 1.5550 has started developing locally. If this assumption is correct and the price does not break the critical level 1.4680, it's logical to expect the pair to continue rising to the level 1.5550.

Trading tips

Buy the pair from corrections above the level of 1.4680 with a target at 1.5550.

Alternative scenario:

Breakdown and consolidation below the level of 1.4680 will allow the pair to continue declining to the levels 1.4500-1.4400. 

GBP/USD: Wave analysis

GBP/USD: Wave analysis




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