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GBPUSD: Elliott wave analysis and forecast for 27.08.2021 – 03.09.2021


Main scenario: consider short positions from corrections below the level of 1.3830 with a target of 1.3400 – 1.3157.

Alternative scenario: breakout and consolidation above the level of 1.3830 will allow the pair to continue rising to the levels of 1.3982 – 1.4243.

Analysis: the first wave of larger degree (1) formed on the daily chart, and a downside correction continues forming as wave (2). Wave B of (2) appears to have finished developing on the H4 chart. Wave С of (2) is forming at the moment, with the third wave of smaller degree iii of C unfolding as part of it. Apparently, wave (iii) of iii developed on the H1 chart, and a local correction formed as wave (iv) of iii. If the presumption is correct, the pair will continue to drop to the levels of 1.3400 – 1.3157. The level of 1.3830 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3982 – 1.4243.



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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