A growth is expected.

Assumingly, a formation of the first wave (i) within anticipated upward impulse in wave C of 2 of the senior level continues. Locally, a correction within wave iv of (i) seems to have finished and if the assumption is correct, the pair continues growing towards 1.5580, 1.5640 within wave v of (i). A critical for this scenario is the level of 1.5365.

Trading tips

Buy the pair above the level of 1.5365 with targets at 1.5580, 1.5640.

Alternative scenario

The breakdown and consolidation below the level of 1.5365 would allow the pair to fall to 1.5200.

GBP/USD: wave analysis

GBP/USD: wave analysis

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