GBPUSD: Elliott wave analysis and forecast for 12.01.24 – 19.01.24

Main scenario: consider long positions from corrections above the level of 1.2610 with a target of 1.3000 – 1.3147.

Alternative scenario: breakout and consolidation below the level of 1.2610 will allow the pair to continue declining to the levels of 1.2490 – 1.2300.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a correction developed as second wave (2). An ascending third wave (3) appears to be developing on the H4 chart, with the first wave of smaller degree 1 of (3) forming as its part. Apparently, wave v of 1 continues developing… Read full author’s opinion and review in blog of #LiteFinance