GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2843.
Main scenario: long positions will be relevant from corrections above the level of 1.2843 with a target of 1.3213 – 1.3364.
АAlternative scenario: Breakout and consolidation below the level of 1.2843 will allow the pair to continue declining to the levels of 1.2660 – 1.2580.
Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the third wave (3) starts developing on the H4 time frame with the first counter-trend wave of junior level i of 1 of (3) forming inside. Apparently, the wave (iii) of i is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3213 – 1.3364. The level 1.2843 is critical in this scenario.