GBP/USD Expected to Rise to 1.3870-1.4140, Analysts Say

The GBP/USD currency pair is expected to continue its upward trend, according to an analysis based on the Elliott Wave Theory. The main scenario suggests that long positions can be considered from corrections above 1.3274, with a target of 1.3870-1.4140. A buy signal will occur if the price holds above 1.3274.

The alternative scenario proposes that a breakout and consolidation below 1.3274 will allow the pair to continue declining to the levels of 1.3140-1.2936. A sell signal will be triggered if the level of 1.3274 is broken to the downside.

On the weekly time frame, an ascending wave of larger degree (A) of B is developing. Within it, wave 1 of (A) has formed, a downward correction has been completed as wave 2 of (A), and the third wave 3 of (А) is unfolding. If the presumption is correct, GBP/USD will continue to rise to 1.3870-1.4140.