It is expected that the price will decline as part of the correction.

Presumably, the formation of the “bullish” impetus is nearing completion in the first wave A of the large upward correction. At the moment, it seems that the development of the fifth wave (v) of v of A. of the junior level is nearing completion. If this assumption is correct, it is likely that the pair will go down to 1.5400 – 1.5300.

Trading tips

Sell the pair below the level of 1.5554 with the target of 1.5400-1.5300.

Alternative scenario

The formation of the extension. The pair will go to the level of 1.5700 – 1.5800.

GBP/USD: wave analysis

GBP/USD: wave analysis

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