GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2950.
Main scenario: consider long positions from corrections above the level of 1.2950 with a target of 1.3285 – 1.3515.
Alternative scenario: breakout and consolidation below the level of 1.2950 will allow the pair to continue declining to the levels of 1.2837 – 1.2641.
Analysis: Presumably the third wave of larger degree (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. The third wave of smaller degree iii of 3 of (3) is forming on the H4 time frame. Wave (iii)…
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