The pair is likely to grow.

The formation of the “bullish” impetus in the first wave A of the large upward correction 2, continues. At the moment, it s assumed that the local correction as the fourth wave iv of A has completed. Locally, it is likely that the rise started within the fifth wave. If this assumption is correct and the price does not break down the critical level of 1.5084, we can expect the rise in the pair up to 1.5500 – 1.5600.

Trading tips

It makes sense to buy the pair from correction above the level of 1.5084 with the target of  1.5500 – 1.5600.

Alternative scenario

Breakdown and consolidation of the price below the level of 1.5084 will enable further decline in the pair to 1.4850.

GBP/USD: wave analysis

GBP/USD: wave analysis

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