The pair is likely to grow.

Presumably, the first wave in the wave С of 2 of the senior level is still developing. At the moment, it seems that the third wave of the junior level (iii) of I is nearing completion. If this assumption is correct after the local correction the pair is likely to rise to 1.5700 in the first wave of the senior level i of C. Critical level for this scenario is 1.5250.

Trading tips

Buy the pair from correction above the level of 1.5250 with the targets of 1.5700–1.5800.

Alternative scenario

Breakdown and consolidation of the price below the level of 1.5250 will enable the price to continue decline to 1.5000–1.4900.

GBP/USD: wave analysis

GBP/USD: wave analysis

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