The pair may grow.

The pair is trading within a narrowing range, which, assumingly, is a corrective triangle in wave B of a big upward correction. Locally, a starting impetus of a junior level as the wave (i) seems to have formed; and, if the assumption is correct, the pair continues growing towards 1.5700-1.5800 marks. A critical for this scenario is the level of 1.5420.

Trading tips

Buy the couple from corrections, above 1.5420, with the target at 1.5700-1.5800.

Alternative scenario

The breakdown and consolidation below 1.5420 the pair would allow the pair to continue falling to 1.5178.

GBP/USD: wave analysis

GBP/USD: wave analysis

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