A downward trend is strong.

A downward trend within the third wave of the senior level iii of 3 continues forming. At present, an extension in the third wave (iii) of the junior level seems to be forming. If the assumption is correct, the pair continues falling to 1.3950-1.3750. A critical for this scenario is the level of 1.4368 the breakout of which would allow the pair to grow to 1.4600-1.4900.

Trading tips

Sell the pair from corrections, below the level of 1.4368 with the target at 1.3950-1.3750.

Alternative scenario

The breakout and consolidation above the level of 1.4368 would allow the pair to continue growing to 1.4600-1.4900.

GBP/USD: wave analysis

GBP/USD: wave analysis

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