Growth is possible.

On the daily chart, the upward first wave of the higher level (1) formed, a correction ended as the second wave (2), and the third wave (3) forms, within which the third wave of the lower level 3 of (3) develops. Now, the wave i of 3 has ended, and a correction has developed as the wave ii of 3. If the assumption is correct, the GBP/USD pair will grow within the wave iii of 3 to the area of 1.3350–1.3750. In this scenario, critical stop loss level is 1.2582.

Main scenario

Long positions will become relevant above the level of 1.2582 with the targets at 1.3350–1.3750. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.2582 will let the asset go down to the area of 1.2300–1.2028.