Correction is nearing completion, the pair may rise

Presumably, a bearish correction within a zigzag-shaped wave B is nearing completion. A reversal and the first counter-trend wave of junior level are forming locally. If this assumption is correct and the price does not drop below a level of 1.5232, it's logical to expect the pair to rise to the levels 1.5700–1.5800, or else the decline will continue down to the levels 1.5190–1.5040.

Trading tips

Buy with a target at 1.5700 once a level of 1.5343 is broken.

Alternative scenario

Breakout and consolidation below the level of 1.5232 will allow the pair to continue declining to the levels 1.5190–1.5040. 

GBP/USD: wave analysis

GBP/USD: wave analysis

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