GBPUSD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 1.3049 with a target of 1.2240 – 1.1900. A sell signal: the price holds below 1.3049. Stop Loss: above 1.3100, Take Profit: 1.2240 – 1.1900.
  • Alternative scenario: breakout and consolidation above the level of 1.3049 will allow the pair to continue rising to the levels of 1.3440 – 1.3800. A buy signal: once the level of 1.3049 is broken to the upside. Stop Loss: below 1.3000, Take Profit: 1.3440 – 1.3800.

Main scenario

Consider short positions from corrections below the level of 1.3049 with a target of 1.2240 – 1.1900.

Alternative scenario

Breakout and consolidation above the level of 1.3049 will allow the pair to continue rising to the levels of 1.3440 – 1.3800.

Analysis

An ascending wave of larger degree B is presumably forming on the weekly chart, with wave (A) of B unfolding as its part. The first wave 1 of (А) is formed on the daily chart, and a downward correction has started developing as second wave 2 of (А). Apparently, wave a of 2 is developing on the H4 chart, with the third wave of smaller degree (iii) of a forming as its part. If the presumption is correct, GBPUSD will continue to drop to the levels of 1.2240 – 1.1900. The level of 1.3049 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3440 – 1.3800.



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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