Main scenario: consider short positions from corrections below the level of 1.2510 with a target of 1.2310 – 1.2083.
Alternative scenario: breakout and consolidation above the level of 1.2510 will allow the pair to continue rising to the levels of 1.2743 – 1.2990.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction started developing as second wave (2). Wave А of (2) is forming on the H4 chart, with a local correction completed as the fourth wave of smaller degree iv of А and the fifth wave v of A developing. Apparently, wave (v) of v of А is unfolding on the H1 chart. If the presumption is correct, the pair will continue falling to 1.2310 – 1.2083. The level of 1.2510 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2743 – 1.2990.
Price chart of GBPUSD in real time mode
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