GBPUSD: Elliott wave analysis and forecast for 19.07.24 – 26.07.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 1.2610 with a target of 1.3250 – 1.3740. A buy signal: after the level of 1.2610 is broken. Stop Loss: 1.2500, Take Profit: 1.3740.
  • Alternative scenario: breakout and consolidation below the level of 1.2610 will allow the pair to continue declining to the levels of 1.2300 – 1.2030. A sell signal: after the level of 1.2610 is broken. Stop Loss: 1.2710, Take Profit: 1.2030.

Main scenario

Consider long positions from corrections above the level of 1.2610 with a target of 1.3250 – 1.3740.

Alternative scenario

Breakout and consolidation below the level of 1.2610 will allow the pair to continue declining to the levels of 1.2300 – 1.2030.

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 iii of (iii) is formed and a local correction is unfolding as wave iv of (iii). If the presumption is correct, the GBPUSD will continue to rise to the levels of 1.3250 – 1.3740 after the correction ends. The level of 1.2610 is critical in this scenario as its breakout will allow the pair to continue declining to the levels of 1.2300 – 1.2030.



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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    How to Trade EURUSD – Best Forex Strategies

    Today, I will deal with the most popular Forex trading asset – the EURUSD pair. We shall dive into the history of EURUSD, explore modern trends, and have a look…

    How to trade Commodities: A Comprehensive Guide to an Unusual Market

    You may wonder why we called the commodity market an unusual one. What is so special about it? If you are engaged in forex trading or speculate on the stock…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    CFI Hits $1 Trillion Trading Volume in Q3 2024, Expands in UAE, Azerbaijan

    • November 10, 2024
    CFI Hits $1 Trillion Trading Volume in Q3 2024, Expands in UAE, Azerbaijan

    💪Trump’s Win Fuels Dollar Surge

    • November 10, 2024
    💪Trump’s Win Fuels Dollar Surge

    Bitcoin rises above $80,000 for first time

    • November 10, 2024
    Bitcoin rises above $80,000 for first time

    Trump 2.0 and the impact on European gas market

    • November 10, 2024
    Trump 2.0 and the impact on European gas market

    US, Britain launch raids on Yemeni capital Sanaa, elsewhere, Al Masirah TV says

    • November 10, 2024
    US, Britain launch raids on Yemeni capital Sanaa, elsewhere, Al Masirah TV says

    US, Mexico reach agreement on Rio Grande water deliveries amid drought, shortages

    • November 9, 2024
    US, Mexico reach agreement on Rio Grande water deliveries amid drought, shortages