The pair GBP/USD remains likely to fall. Estimated pivot point is at a level of 1.2652.
Main scenario: Consider short positions below the level of 1.2652 with a target of 1.1396 – 1.1177.
Alternative scenario: breakout and consolidation above the level of 1.2652 will allow the pair to continue rising to the levels of 1.3201 – 1.3509.
Analysis: Supposedly, the fifth wave of larger degree V continues developing on the daily time frame, with a correction completed in the form of wave (2) of V inside. The third wave (3) of V is developing on the H4 time frame, with wave 3 of (3) formed and a correction developed as wave 4 of (3) inside. Apparently, the fifth wave 5 of (3) has started developing on the H1 time frame, with the first wave i of 5 forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1396 – 1.1177. The level of 1.2652 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3201 – 1.3509.
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