GBPUSD: Elliott wave analysis and forecast for 10.11.23 – 17.11.23

Main scenario: consider long positions from corrections above the level of 1.2185 with a target of 1.2465 – 1.2590.

Alternative scenario: breakout and consolidation below the level of 1.2185 will allow the pair to continue declining to the levels of 1.2030 – 1.1758.

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 formed on the H4 time frame, and a bullish correction continues unfolding as wave В of (2). Apparently, wave c of B is developing on the H1… Read full author’s opinion and review in blog of #LiteFinance