Main scenario: consider short positions, after the correction finishes, below the level of 1.1737 with a target of 1.0300 – 1.0000.
Alternative scenario: breakout and consolidation above the level of 1.1737 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 (1) 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 be developing, with wave (с) of iv unfolding inside. If the presumption is correct, the pair will continue declining to the levels of 1.0300 – 1.0000 after the correction completes. The level of 1.1737 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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