The pair is under pressure. A decline continued.

Assumingly, a Bearish correction as wave B of the senior level continues forming. At present, a decline is made of three-wave structures, suggesting a development of a diagonal triangle in wave c of B. If the assumption is correct, the pair might turn up and start growing to 1.5236 in the short term. If the level of 1.5236 is broken out, an upward trend in the pair starts in the medium term.

Trading tips

Buy the pair from correction, after the breakout of the level of 1.5236 with the target at 1.5700-1.5900.

Alternative scenario

The breakdown and consolidation below the level of 1.4980 would allow the pair to continue declining to 1.4820-1.4750.

GBP/USD: wave analysis

GBP/USD: wave analysis

GBP/USD: wave analysis

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