GBP/USD: wave analysis

The trend is upward.

The upward correction of the highest level as a fourth wave 4, within which the wave c of 4 is developing, is forming. Locally the third wave (iii) of c, within which the entering momentum i of (iii) has formed, is developing. If the assumption is correct, the pair will grow to the level of 1.2705 after the end of the downward correction ii of (iii). The level of 1.2365 is critical for this scenario.

Trading scenario

Buy the pair after the end of the correction above the level of 1.2365 with the target at 1.2705.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.2365 will let the pair to lower to the level of 1.2290-1.2100.

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