GBP/USD Pair Sees Decline According to Elliott Wave Analysis

The GBP/USD pair is expected to decline further according to an Elliott Wave analysis. The main scenario suggests that short positions should be considered from corrections below the level of 1.3308 with a target of 1.2938-1.2745.

A sell signal will be triggered if the price holds below 1.3308, and traders can set their stop loss above 1.3355 with take profit at 1.2938-1.2745.

On the other hand, an alternative scenario suggests that a breakout and consolidation above 1.3308 will allow the pair to continue rising to the levels of 1.3560-1.3675.