GBPUSD: Elliott wave analysis and forecast for 18.08.23 – 25.08.23

Main scenario: consider long positions from corrections above the level of 1.2613 with a target of 1.3150 – 1.3300.

Alternative scenario: breakout and consolidation below the level of 1.2613 will allow the pair to continue declining to the levels of 1.2440 – 1.2300.

Analysis: apparently, the first wave of larger degree (1) is formed, a corrective wave (2) finished developing, and the third wave (3) is unfolding on the daily chart. The third wave of smaller degree 3 of (3) is formed on the H4 chart, and a local correction is presumably completed as the fourth wave 4 of (3)…. Read full author’s opinion and review in blog of #LiteFinance