The uptrend is still strong, the correction deepened.

Supposedly, the development of the wave C of 2 within upward bull correction of the senior level continues. At present, the pair is in the correction within the wave ii of C, which is likely to be finishing and has a zigzag form (a) (b) (c). If the assumption is correct and the price does not break through the critical level of 1.5157, the pair resumes its growth within the third wave towards 1.6300.

Trading tips

Wait for a small starting impetus to form and buy the pair above 1.5157 with the target at 1.5800-1.6300.

Alternative Scenario

Breakdown and consolidation below 1.5520 would allow the pair to continue falling towards 1.5000-1.4900 and maybe lower.

GBP/USD: wave analysis

GBP/USD: wave analysis




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