Correction continues. A fall in the pair is possible.

Due to the extension of the flat, a growth scenario is temporarily cancelled. Most likely, the pair is in the wave X now and is forming wave C of X. locally, two starting waves seemed to have formed. If the assumption is correct, the pair continues falling towards 1.5400, 1.5200. A critical for this scenario is the level of 1.5640.

Trading tips

Sell the pair below the level of 1.5640 with targets at 1.5400, 1.5200.

Alternative scenario

The breakout and consolidation above the level of 1.5640 would allow the pair to grow to 1.5800, 1.6000.

GBP/USD: wave analysis

GBP/USD: wave analysis

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