GBPUSD: Elliott wave analysis and forecast for 05.11.2021 – 12.11.2021

Main scenario: consider short positions from corrections below the level of 1.3831 with a target of 1.3157 – 1.2831.

Alternative scenario: breakout and consolidation above the level of 1.3831 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: waves A of (2) and B of (2) are formed, and wave C of (2) is developing. Apparently, the first wave of smaller degree i of C is formed on the H1 chart. If this assumption is correct, the pair will continue to fall to 1.3157 – 1.2831 once a local correction forms as wave ii of C. The level of 1.3831 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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