GBP/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.2469.
Main scenario: consider short positions from corrections below the level of 1.2469 with a target of 1.2021 – 1.1871.
Alternative scenario: breakout and consolidation above the level of 1.2469 will allow the pair to continue rising to the levels of 1.2728 – 1.3201.
Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave (С) of V completed inside. The first wave (1) is developing on the H4 time frame, with wave 1 of (1) formed and a local correction developing as wave 2 of (1) inside. Apparently, wave c of 2 is developing on the H1 time frame, with wave (iii) of c of 2 forming inside. If the presumption is correct, the price will continue falling to the levels of 1.2021 – 1.1871. The level of 1.2469 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.2728 – 1.3201
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Price chart of GBPUSD in real time mode
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