GBPUSD: Elliott wave analysis and forecast for 26.07.24 – 02.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 1.2770 with a target of 1.3250 – 1.3740. A buy signal: after the level of 1.2770 is broken. Stop Loss: 1.2700; Take Profit: 1.3740.
  • Alternative scenario: breakout and consolidation below the level of 1.2770 will allow the pair to continue declining to the levels of 1.2594 – 1.2300. A sell signal: after the level of 1.2770 is broken. Stop Loss: 1.2850; Take Profit: 1.2300.

Main scenario

Consider long positions from corrections above the level of 1.2770 with a target of 1.3250 – 1.3740.

Alternative scenario

Breakout and consolidation below the level of 1.2770 will allow the pair to continue declining to the levels of 1.2594 – 1.2300.

Analysis

An ascending wave of larger degree В is presumably developing on the daily time frame, with the third wave 3 of (A) of B unfolding as its part. A corrective wave ii of 3 is completed, and wave iii of 3 is forming on the H4 time frame. Apparently, the third wave of smaller degree (iii) of iii is developing on the H1 chart, within which wave i of (iii) is formed and a local correction is presumably completed as wave ii of (iii). If the presumption is correct, the GBPUSD pair will continue to rise to the levels of 1.3250 – 1.3740. The level of 1.2770 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2594 – 1.2300.



Price chart of GBPUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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