The GBP/USD pair is in correction, still likely to fall. Estimated pivot point is at a level of 1.2528.
Main scenario: short positions will be relevant from corrections below the level of 1.2528 with a target of 1.1177 – 1.0687 once the correction is completed.
Alternative scenario: breakout and consolidation above the level of 1.2528 will allow the pair to continue the rise up to the levels of 1.3196 – 1.3509.
Analysis: Supposedly, the fifth wave of senior level V continues developing on the daily time frame, with a correction completed in the form of wave (2) of V inside. The third wave (3) of V is developing on the H4 time frame, with wave 3 of (3) formed inside. Apparently, an ascending correction is nearing completion in the form of wave 4 of (3) on the H1 time frame. If this assumption is correct, the pair will continue to rise to the levels 1.1177 – 1.0687 once the correction’s over. The level of 1.2528 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3196 – 1.3509