GBP/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave 1 develops within the started third wave (3) of the higher level. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 develops, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3275–1.3387. In this scenario, critical stop loss level is 1.3026.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3026 with the targets at 1.3275–1.3387. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.3026 will let the pair go down to the levels of 1.2819–1.2700.

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