GBPUSD: Elliott wave analysis and forecast for 01.10.21 – 08.10.21
Main scenario: consider short positions from corrections below the level of 1.3750 with a target of 1.3157 – 1.2821.
Alternative scenario: breakout and consolidation above the level of 1.3750 will allow the pair to continue rising to the levels of 1.4050 – 1.4241.
Analysis: Daily chart: the first wave of larger degree (1) is formed and a downside correction continues forming as wave (2). H4 chart: wave А of (2) is completed and wave B of (2) appears to have formed, with wave c of B formed inside. Apparently, wave C of (2) started developing on the H1 chart with the first wave of smaller degree i of C forming inside. If the presumption is correct, the pair will continue declining to the levels of 1.3157 – 1.2821. The level of 1.3750 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4050 – 1.4241.
Price chart of GBPUSD in real time mode
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