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 staring impulse of the junior level (i) seems to have been formed, and a correction as wave (ii), which, assumingly, has taken the shape of a flat abc, has finished by now. 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. The breakout of the level of 1.5134 confirms a reversal and further growth in the pair.

Trading tips

Buy the pair after the breakout and consolidation above the level of 1.5134 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 decline to 1.4950-1.4900.

GBP/USD: wave analysis

GBP/USD: wave analysis




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