Main scenario: consider long positions from corrections above the level of 1.1842 with a target of 1.2442 – 1.2674.
Alternative scenario: breakout and consolidation below the level of 1.1842 will allow the pair to continue declining to the levels of 1.1677 – 1.1500.
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 upward wave (1) started developing on the H4 chart, with the third wave of smaller degree 3 of (1) formed and a local correction completed as the fourth wave 4 of (1) inside. Apparently, the fifth wave 5 of (1) started developing on the H1 chart, with wave i of 5 forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.2442 – 1.2674. The level of 1.1842 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1677 – 1.1500.
Price chart of GBPUSD in real time mode
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