A decline is still possible.

Assumingly, a Bearish impulse within the third wave of the senior level continues developing. At present, the fourth wave iv of 3 seems to have finished forming, and the fifth wave has started developing within which the first and the second waves have formed. Is the assumption is correct, the pair continues falling to 1.3950. A critical for this scenario is the level of 1.4670.

Trading tips

Sell the pair below the level of 1.4670 with the target at 1.3950.

Alternative scenario

The breakout and consolidation above the level of 1.4670 would allow the pair to continue growing to 1.5500.

GBP/USD: wave analysis

GBP/USD: wave analysis

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