GBPUSD: Elliott wave analysis and forecast for 25.08.23 – 01.09.23

Main scenario: consider short positions from corrections below the level of 1.2800 with a target of 1.2310 – 1.2083.

Alternative scenario: breakout and consolidation above the level of 1.2800 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, with a local correction completed as the fourth wave of smaller degree iv of А inside. Apparently, the fifth wave v of… Read full author’s opinion and review in blog of #LiteFinance