GBPUSD: Elliott wave analysis and forecast for 04.08.23 – 11.08.23

Main scenario: consider long positions above the level of 1.2503 with a target of 1.3300 – 1.3500 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 1.2503 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 formed on the H4 chart, and a local correction is developing as the fourth wave 4… Read full author’s opinion and review in blog of #LiteFinance