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Main scenario: consider short positions from corrections below the level of 1.2097 with a target of 1.0000 – 0.9500 once a correction is completed.
Alternative scenario: breakout and consolidation above the level of 1.2097 will allow the pair to continue rising to the levels of 1.2511 – 1.3735.
Analysis: the fifth wave of larger degree V is presumably developing on the daily chart, with wave (3) of V formed as its part. A bullish correction is developing as the fourth wave (4) of V on the H4 chart, with wave С of (4) forming as its part. Apparently, the third wave of smaller degree iii of C is developing on the H1 chart. After its completion, if this assumption is correct, the pair will continue to fall to 1.0000 – 0.9500. The level of 1.2097 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2511 – 1.3735.
Price chart of GBPUSD in real time mode
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