A downward correction continues.

Assumingly, there is a formation of a correction of the senior level within wave B of (2), which seems to be taking the shape of an irregular flat with a developing last wave c of B. Locally, a diagonal seems to be forming in wave c of B, within which the last fifth wave is developing to the target level of 1.5060. If the assumption is correct and the price does not break out the critical level of 1.5655, the pair continues declining.

Trading tips

Sell the pair from corrections, below the level of 1.5655 with the target at 1.5060.

Alternative scenario

The breakout and consolidation above the level of 1.5655 would allow the pair to grow to 1.5800-1.6000.

GBP/USD: wave analysis

GBP/USD: wave analysis

GBP/USD: wave analysis

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