GBPUSD: Elliott wave analysis and forecast for 28.06.24 – 05.07.24

Main scenario: upon correction, consider long positions above the level of 1.2515 with a target of 1.3145 – 1.3740.

Alternative scenario: breakout and consolidation below the level of 1.2515 will allow the pair to continue declining to the levels of 1.2300 – 1.1965.

Analysis: an ascending wave of larger degree B is presumably forming on the daily time frame, with the third wave 3 of (A) of B unfolding as its part. On the H4 chart, a corrective wave ii of 3 is completed, and wave iii of 3 is developing. The first wave of smaller degree (i) of iii is formed on the H1 time frame; a local correction is nearing completion as the second wave (ii) of iii, within which wave c of (ii) is coming to its end. If the presumption is correct, the GBPUSD will continue to rise to the levels of 1.3145 – 1.3740 after correction ends. The level of 1.2515 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2300 – 1.1965.



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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This post is originally published on LITEFINANCE.

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