The upward trend is strong, but there is a local correction of the pair.

Supposedly, the development of wave C of 2 within a bull correction of the senior level continues. At the moment, the first wave i of C has probably finished forming, and the local correction in a form of the second wave ii of C is developing. If the assumption is correct, after correction is completed the pair continues growing towards 1.6400.

Trading tips

In the short-run, open short positions below 1.5768 with the target at 1.5550.

Alternative scenario

The breakout and consolidation above 1.5786 would allow the pair to continue growing towards 1.6400. 

GBP/USD: wave analysis

GBP/USD: wave analysis




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