GBPUSD: Elliott wave analysis and forecast for 01.09.23 – 08.09.23

Main scenario: consider short positions from corrections below the level of 1.2747 with a target of 1.2310 – 1.2083.

Alternative scenario: breakout and consolidation above the level of 1.2747 will allow the pair to continue rising to the levels of 1.2990 – 1.3150.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction started developing as second wave (2). Wave А of (2) is forming on the H4 chart. It includes a local correction formed as the fourth wave of smaller degree iv of A. The fifth wave of smaller degree… Read full author’s opinion and review in blog of #LiteFinance