A correction is nearing the end, a growth is expected.

Assumingly, a large Bearish correction within wave B of 2 has finished forming, and wave C of the senior level has started developing. Locally, a starting impulse of the junior level (i) seems to have formed, and, at present, a correction as wave (ii), which, assumingly, has taken the shape of an irregular flat abc, is nearing the end. If the assumption is correct and the price does not break down the critical level of 1.5020, the pair continues growing to 1.5420-1.5520.

Trading tips

Buy the pair from corrections, above the level of 1.5020 with the target at 1.5420-1.5520.

Alternative scenario

The breakdown and consolidation below the level of 1.5020 would allow the pair to continue declining to 1.4950-1.4900.

GBP/USD: wave analysis

GBP/USD: wave analysis

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