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Main scenario: Consider buying positions from corrections above 1.2666 with a target of 1.2910 – 1.3155.
Alternative scenario: Breaking and holding below the 1.2666 level will allow the pair to continue falling to the 1.2447 – 1.2294 levels.
analysis: It is assumed that the first wave of larger degree (1) is formed, the correction develops as a second wave (2), and the third upward wave (3) begins to appear on the daily chart. On the H4 chart, wave 1 of (3) is formed, and the downward correction is completed as the second wave 2 of (3) and wave 3 of (3) begin to develop. Apparently, the first wave of smaller degree i of 3 continues to form on the H1 time frame, with wave (iii) of i of 3 forming and the local corrective wave (iv) of i of 3 completing as its parts. If the assumption is correct, then… British pound against the US dollar The rise will continue to 1.2910 – 1.3155 levels after the correction. The 1.2666 level is considered crucial in this scenario, as breaching it will enable the pair to continue its decline to the 1.2447 – 1.2294 levels.
GBPUSD price chart in real time mode
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