GBP/USD May Rise to 1.3870-1.4140 if Breaks Above 1.3516

The GBP/USD pair is showing signs of an ascending wave on its weekly chart, according to an Elliott Wave analysis. The third wave 3 of (A) is unfolding, with a local correction formed as wave (ii) of iii. If the presumption is correct, the pair will continue to rise to 1.3870-1.4140.

The level of 1.3516 is critical in this scenario, and a breakout below it would enable the pair to decline to the levels of 1.3275-1.3140.

This forecast is based on the Elliott Wave Theory, which should be considered in conjunction with fundamental factors when developing trading strategies.