GBPUSD: Elliott wave analysis and forecast for 21.07.23 – 28.07.23

Main scenario: consider long positions above the level of 1.2598 with a target of 1.3300 – 1.3500 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 1.2598 will allow the pair to continue declining to the levels of 1.2300 – 1.2000.

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 iii of 3 formed as its part. Apparently, a… Read full author’s opinion and review in blog of #LiteFinance