Growth is possible.

On the daily chart, the third wave of the higher level (3) forms, within which the third wave of the lower level 3 of (3) develops. Now, the wave i of 3 has ended, a correction has ended as the wave ii of 3, and the wave iii of 3 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the GBP/USD pair will grow to the area of 1.3700–1.4200. In this scenario, critical stop loss level is 1.3151.

Main scenario

Long positions will become relevant above the level of 1.3151 with the targets at 1.3700–1.4200. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.3151 will let the asset go down to the area of 1.2674–1.2300.