An uptrend is strong.

Wave C of 2 of the senior level on the daily chart continues forming. Locally, the third wave (iii) is likely to be forming within which a starting impetus i has formed and correction ii is nearing the end. If the assumption is correct, in the short term, the pair will continue growing in the third wave (iii) towards 1.5700-1.5800. A critical for this scenario is the level of 1.5240.

Trading tips

Buy the pair from corrections, above the level of 1.5240 with the target at 1.5700-1.5800.

Alternative scenario

The breakdown and consolidation below the level of 1.5240 would allow the pair to continue declining to 1.5100.

GBP/USD: wave analysis

GBP/USD: wave analysis

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