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Correction is complete, the pair GBP/USD is still likely to continue growing. Estimated pivot point is at a level of 1.2438.
Main scenario: long positions will be relevant from corrections above the level of 1.2438 with a target of 1.2650 – 1.2781.
Alternative scenario: Breakout and consolidation below the level of 1.2438 will allow the pair to continue declining to the levels of 1.2361 – 1.2241.
Analysis: On the D1 timeframe, the descending correction of senior level is likely to have finished developing as the second wave (2) in the form of zigzag. Presumably, the downward impulse has finished developing as wave C of (2)…
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