GBPUSD: Elliott Wave Analysis and Forecast
Main scenario: consider long positions from corrections above the level of 1.3425 with a target of 1.3800 – 1.3900.
Alternative scenario: breakout and consolidation below the level of 1.3425 will allow the pair to continue declining to the levels of 1.3194 – 1.3068.
Analysis: Daily time frame: presumably, the first wave of larger degree (1) continues developing, with wave 5 of (1) forming inside. On the H4 time frame, the third wave of smaller degree iii of 5 formed and a correction finished developing in the form of wave iv of 5. Apparently, wave v of 5 is developing on the H1 time frame, with a local correction formed inside as wave (iv) of v. If the presumption is correct, the pair will continue to rise in wave (v) of v to the levels of 1.3800 – 1.3900. The level of 1.3425 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3194 – 1.3068.
GBPUSD current rate in the Forex market:
GBPUSD = 1.35784
1-day change: -0.03 (-0.00047%)