GBPUSD: Elliott wave analysis and forecast for 28.01.22 – 04.02.22

Main scenario: consider long positions above the level of 1.3155 with a target of 1.4000 – 1.4238 once the correction is completed.

Alternative scenario: breakout and consolidation below the level of 1.3155 will allow the pair to continue declining to the levels of 1.2831 – 1.2487.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction developed as wave (2), supposedly. The third wave (3) started developing on the H4 chart with the first wave of smaller degree i of 1 of (3) formed inside. Apparently, a descending correction is developing as… Read full author’s opinion and review in blog of #LiteForex