The pair still may grow.

Assumingly, a large correction in the form of a triangle within wave B has formed, and wave C started developing. Locally, the first wave i of C seems to be forming, within which, supposedly, the third wave of the junior level (iii) is developing. If the assumption is correct and the price does not break through the critical level of 1.5555, the pair continues growing to 1.5800-1.5900.

Trading tips

Buy the pair from corrections, above 1.5555 with the target at 1.5800-1.5900.

Alternative scenario

The breakdown and consolidation below the level of 1.5555 would allow the pair to continue falling to 1.5400-1.5300.

GBP/USD: wave analysis

GBP/USD: wave analysis

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