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GBPUSD: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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Main scenario: consider short positions from corrections below the level of 1.3998 with a target of 1.3660 – 1.3572.

Alternative scenario: breakout and consolidation above the level of 1.3998 will allow the pair to continue rising to the levels of 1.4253 – 1.4450.

Analysis: Presumably, the first wave of a larger degree (1) finished developing, with wave 5 of (1) formed inside, in the daily timeframe. A descending correction started developing as wave (2) in the H4 time frame, with waves A of (2) and B of (2) formed inside. Apparently, the descending wave С of (2) continues developing in the H1 time frame, where the corrective wave of a smaller degree iv of C completed, and wave v of C is developing. If this assumption is correct, the pair will continue to fall to 1.3660 – 1.3572. The level of 1.3998 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.4253 – 1.4450.



     

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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