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
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