Main scenario: consider long positions above the level of 1.1673 with a target of 1.2674 – 1.2963 once the correction is completed.
Alternative scenario: breakout and consolidation below the level of 1.1673 will allow the pair to continue declining to the levels of 1.1488 – 1.1280.
Analysis: the fifth wave of larger degree V presumably finished developing on the daily chart, with wave 5 of V formed as its part. The first ascending wave (1) started developing on the H4 chart, with the third wave of smaller degree 3 of (1) formed as its part. On the H1 chart, a descending correction appears to be forming as the fourth wave 4 of (1), with wave a of 4 forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.2674 – 1.2963 after the correction. The level of 1.1673 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1488 – 1.1280.
Price chart of GBPUSD in real time mode
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