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Main scenario: consider long positions from corrections above the level of 1.2100 with a target of 1.2674 – 1.2963.
Alternative scenario: breakout and consolidation below the level of 1.2100 will allow the pair to continue declining to the levels of 1.1750 – 1.1325.
Analysis: the fifth wave of larger degree V presumably finished developing on the daily chart, with wave 5 of V formed as its part. The first ascending wave (1) started developing on the H4 chart, with the third wave of smaller degree 3 of (1) forming as its part. On the H1 chart, apparently, there’s wave (iii) of iii of 3 formed, a local correction completed as wave (iv) of iii of 3, and wave (v) of iii of 3 forming. If the presumption is correct, the pair will continue to rise to the levels of 1.2674 – 1.2963. The level of 1.2100 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1750 – 1.1325.
Price chart of GBPUSD in real time mode
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