Foremost situation: think about lengthy positions above the extent of 1.2332 with a goal of 1.3000 – 1.3200 as soon as a correction is shaped.
Various situation: breakout and consolidation beneath the extent of 1.2332 will permit the pair to proceed declining to the degrees of 1.2220 – 1.2034.
Evaluation: the primary wave of bigger diploma (1) is presumably shaped, a correction developed as second wave (2), and the ascending third wave (3) began unfolding on the day by day chart. On the H4 chart, wave 1 of (3) is shaped, and a descending correction is presumably nearing completion as second wave 2 of (3). Wave с of two seems to be unfolding on the H1 chart, with fifth wave (v) of c nearing completion as its half. If the presumption is right, the GBPUSD will proceed to rise to the degrees of 1.3000 – 1.3200 upon correction. The extent of 1.2332 is important on this situation as its breakout will allow the pair to proceed declining to the degrees of 1.2220 – 1.2034.
Value chart of GBPUSD in actual time mode
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