Main scenario: consider short positions from corrections below the level of 1.4237 with a target of 1.3572 – 1.3446 once the correction is completed.
Alternative scenario: breakout and consolidation above the level of 1.4237 will allow the pair to continue rising to the levels of 1.4450 – 1.4700.
Analysis: Daily time frame: presumably, the first wave of larger degree (1) finished developing, with wave 5 of (1) formed inside. A descending correction started developing as wave (2) on the H4 time frame, with waves A of (2) and B of (2) formed inside. Apparently, wave С of (2) started developing on the H1 time frame. If this assumption is correct, the pair will continue to drop to 1.3572 – 1.3446. The level of 1.4237 is critical in this scenario, as the breakout will enable the pair to continue rising to the levels of 1.4450 – 1.4700.
Price chart of GBPUSD in real time mode
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