The pair is likely to decline as part of the correction.

The British Pound has grown reaching the level of 1.5770. It is assumed that at the moment the formation of the fifth wave of the junior level (v) of v of A is nearing completion, while the wave A is the “bullish” correction of the senior level. If this assumption is correct, the pair is likely to reverse in the near future and go down to the levels of 1.5400–1.5300.

Trading tips

Sell the pair below the level of 1.5770 with the target of 1.5400–1.5300.

Alternative scenario

Breakdown and consolidation of the price above the level of 1.5770 will enable the rise in the pair up to 1.5850–1.5900.

GBP/USD: wave analysis

GBP/USD: wave analysis

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