GBPUSD: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

Main scenario: consider long positions from corrections above the level of 1.2035 with a target of 1.2590 – 1.2726.

Alternative scenario: breakout and consolidation below the level of 1.2035 will allow the pair to continue declining to the levels of 1.1758 – 1.1420.

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 started unfolding as wave В of (2). Apparently, wave a of B is developing on the H1… Read full author’s opinion and review in blog of #LiteFinance