GBP/USD is correcting, still likely to grow. Estimated pivot point is at a level of 1.2350.
Main scenario: consider long positions above the level of 1.2350 with a target of 1.2880 – 1.3150 once the correction has finished.
Alternative scenario: breakout and consolidation below the level of 1.2350 will allow the pair to continue declining to the levels of 1.2069 – 1.1635.
Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave (С) of V completed and the first wave (1) developing inside. On the H4 time frame, wave 1 of (1)…
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