Main scenario: consider short positions from corrections below the level of 1.2787 with a target of 1.2055 – 1.1900.
Alternative scenario: breakout and consolidation above the level of 1.2787 will allow the pair to continue rising to the levels of 1.3083 – 1.3302.
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, there’s wave С of (2) developing, with the fifth wave v of C forming as its part. Apparently, the third wave of smaller degree (iii) of v has developed on the H1 chart, and a local correction has presumably stopped unfolding as the fourth wave (iv) of v of C, with wave c of (iv) formed as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.2055 – 1.1900. The level of 1.2787 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3083 – 1.3302.
Price chart of GBPUSD in real time mode
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