GBPUSD: Elliott wave analysis and forecast for 07.07.2023 – 14.07.2023

Main scenario: consider long positions from corrections above the level of 1.2591 with a target of 1.2848 – 1.2950.

Alternative scenario: breakout and consolidation below the level of 1.2591 will allow the pair to continue declining to the levels of 1.2516 – 1.2445.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, a corrective wave (2) finished developing, and the third wave (3) is unfolding. The third wave of smaller degree 3 of (3) is developing on the H4 chart, with wave i of 3 formed and a downside correction developed as second wave… Read full author’s opinion and review in blog of #LiteFinance