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Main scenario: consider long positions above the level of 1.2600 with a target of 1.3000 – 1.3200 once a correction is formed.
Alternative scenario: breakout and consolidation below the level of 1.2600 will allow the pair to continue declining to the levels of 1.2518 – 1.2427.
Analysis: the first wave of larger degree (1) is presumably formed, a correction developed as second wave (2), and the ascending third wave (3) started unfolding on the daily chart. The first wave of smaller degree 1 of (3) is completed and a correction finished developing as second wave 2 of (3) on the H4 chart. The third wave 3 of (3) started unfolding. Apparently, wave i of 3 is formed on the H1 time frame; a local corrective wave ii of 3 is nearing completion, with wave (c) of ii also nearing completion as its part. If the presumption is correct, the GBPUSD will continue to rise to the levels of 1.3000 – 1.3200 upon correction. The level of 1.2600 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2518 – 1.2427.
Price chart of GBPUSD in real time mode
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