Main scenario: consider short positions on corrections below level 1.1505 with a target of 1.0300 – 1.0000.
Alternative scenario: breakout and consolidation above the level of 1.1505 will allow the pair to continue rising to the levels of 1.2280 – 1.2665.
Analysis: the fifth wave of larger degree V is presumably developing on the daily chart, with wave (3) of V forming as its part. The fifth wave of smaller degree 5 of (3) is developing on the H4 chart, with wave iii of 5 completed inside. In the hourly timeframe, the local correction as the fourth wave iv of 5 must have finished, and wave v of 5 is currently unfolding. If the presumption is correct, the pair will continue declining to the levels of 1.0300 – 1.0000. The level of 1.1505 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2280 – 1.2665.
Price chart of GBPUSD in real time mode
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