The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3105.
Main scenario: long positions will be relevant from corrections above the level of 1.3105 with a target of 1.3390 – 1.3626.
Alternative scenario: Breakout and consolidation below the level of 1.3105 will allow the pair to continue declining to the levels of 1.2967 – 1.2901.
Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within 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, an ascending impetus is forming as the third wave of junior level iii of 1 on the H1 time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1.3390 – 1.3626. The level 1.3105 is critical in this scenario.