A growth is expected.

Assumingly, a correction of the senior level within wave X, which, currently, has the shape of a flat, has finished forming. Locally, wave Y seems to start forming, within which a small impetus (i) has formed and wave (iii) is forming. If the assumption is correct and the price does not break down the critical level of 1.5160, the pair continues growing towards 1.5800.

Trading tips

Buy the pair from corrections, above the level of 1.5160 with the target at 1.5800.

Alternative scenario

The breakdown and consolidation below the level of 1.5160 would allow the pair to decline further to 1.5000-1.4800.

GBP/USD: wave analysis

GBP/USD: wave analysis

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