The price is in correction, the probability of growth remains.

On the daily chart, the third wave of the higher level (3) continues, within which the third wave of the lower level 3 of (3) is developing. At this time, wave i of 3 has formed, the correction as wave ii of 3 has been completed, and wave iii of 3 has been observed, within which the correction is completed as wave (ii) of iii. If the assumption is correct, the GBP/USD pair will grow in the area of 1.3600-1.4200. The critical stop-loss level for this scenario is 1.2906.

Main stage

Long positions are relevant above the level of 1.2906 with targets at 1.3600–1.4200. Implementation period: 7 days or more.

Alternative scenario

The breakout and consolidation of the price below the level of 1.2906 will allow the trading instrument to continue the downward dynamics in the area of 1.2674–1.2477.