Correction is completed, the pair GBP/USD is likely to continue growing. Estimated pivot point is at a level of 1.2508.
Main scenario: long positions will be relevant from corrections above the level of 1.2508 with a target of 1.3178 – 1.3377.
Alternative scenario: Breakout and consolidation below the level of 1.2508 will allow the pair to continue declining to the levels of 1.2241 – 1.2101.
Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the D1 frame in the form of a zigzag and the wave (3) started developing. On the H4 time frame, supposedly, the first counter-trend wave 1 of (3) has formed and a descending correction 2 of (3) has developed. Apparently, the wave 3 of (3) starts forming on the H1 time-frame, with the first counter-trend wave of junior level (i) of i of 3 formed and the correction (ii) of i nearing completion inside. If the presumption is correct, after correction, the pair will continue to rise to the levels 1.3178 – 1.3377. The level 1.2508 is critical in this scenario.
