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GBPUSD: Elliott wave analysis and forecast for 24.09.21 – 01.10.21


Main scenario: consider short positions from corrections below the level of 1.3920 with a target of 1.3400 – 1.3157.

Alternative scenario: breakout and consolidation above the level of 1.3920 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 wave i of C formed inside. If the presumption is correct, then after the local correction in the form of wave ii of C is completed, the pair will continue declining to the levels of 1.3400 – 1.3157. The level of 1.3920 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

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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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