Main scenario: consider short positions from corrections below the level of 1.3146 with a target of 1.2831 – 1.2670.
Alternative scenario: breakout and consolidation above the level of 1.3146 will allow the pair to continue rising to the levels of 1.3305 – 1.3650.
Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). On the H4 chart, wave B of (2) finished forming, and wave С of (2) is developing. Apparently, the fifth wave v of C is developing on the H1 chart, with a local correction formed as wave (iv) of v and wave (v) of v developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.2831 – 1.2670. The level of 1.3146 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3305 – 1.3650.
Price chart of GBPUSD in real time mode
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