Correction is nearing completion, the pair GBP/USD is likely to grow. Estimated pivot point is at a level of 1.2797.
Main scenario: long positions should be considered from corrections above the level of 1.2797 with a target of 1.3211 – 1.3514
Alternative scenario: breakout and consolidation below the level of 1.2797 will allow the pair to continue declining to the levels of 1.2735 – 1.2555.
Analysis: Supposedly, a descending correction of senior level finished developing on the daily time frame in the form of the second wave 2 and wave (3) has started to develop. On the H4 time frame, supposedly, the first wave 1 of (3) has formed and a descending correction 2 of (3) is nearing completion, with wave c of 2 finishing to develop inside. Apparently, the fifth wave of junior level (v) of c is forming on the H1 time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1.3211 – 1.3514 once the wave has formed. The level of 1.2797 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2735 – 1.2555.