The pair GBP/USD is still likely to grow. The estimated pivot point is at a level of 1.2776.
Main scenario: long positions will be relevant from corrections above the level of 1.2776 with a target of 1.3390 – 1.3626.
Alternative scenario: Breakout and consolidation below the level of 1.2776 will allow the pair to continue declining to the levels of 1.2398 – 1.2200.
Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of i of 1 of (3) has been formed and a descending correction finished developing in the form of wave ii of 1 on the H4 time frame. Apparently, the third wave of junior level iii of 1 started developing on the H1 time frame, with a local correction forming inside as the wave (ii) of iii. If the presumption is correct, the pair will logically resume dropping to the levels 1.3390 – 1.3626. The level 1.2776 is critical in this scenario.
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