The possibility of growth remains.

On the daily chart, the ascending first wave of the higher level (1) has formed, the downward correction has ended as the second wave (2) and the third wave (3) is developing. At the moment, the third wave of the lower level 3 of (3) has formed and the local correction has ended as wave iv of 3, which included wave c of 4. If the assumption is correct, the upward dynamics of the GBP/USD pair will continue to the area of 1.3398–1.3754. The level of 1.2620 is critical and stop-loss for this scenario.

Main scenario

Long positions are relevant above the level of 1.2620 with targets at 1.3398–1.3754. Implementation time: 7 days and more.

Alternative scenario

Breakdown and consolidation of the price below the level of 1.2620 will allow the trading instrument to continue its downward dynamics to the area of 1.2503–1.2308.