Estimated pivot point is at a level of 1.3276.

Our opinion: Sell the pair from correction below a level of 1.3276 with a target at 1.3020 – 1.2864.

Alternative scenario: Breakout and consolidation above the level of 1.3276 will allow the pair to continue the rise up to the levels of 1.3354 – 1.3475.

Analysis: Supposedly, the ascending correction in a form of the wave 2 has been formed. Apparently, the wave c of 2 has developed locally as a diagonal. If the assumption is correct, the pair will drop logically to the levels 1.3020 – 1.2864. The level 1.3276 is critical in this scenario.

GBP/USD H1

GBP/USD H4




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