A downward trend is strong.

As the result of pair’s fall, all critical levels of an upward scenario were broken. At present, the third wave (3) of a long-term Bearish trend seems to be developing. Locally, an extension in the third wave of the junior level 3 of (3) seems to be forming and if the assumption is correct, the pair continues falling towards 1.4000, 1.3750. Critical for this scenario is the level of 1.4610, a breakout of which would allow the pair to grow to 1.4935.

Trading tips

Sell the pair below the level of 1.4610 with the target at 1.4000.

Alternative scenario

The breakout and consolidation above the level of 1.4610 would allow the pair to grow to 1.4935.

GBP/USD: wave analysis

GBP/USD: wave analysis

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