GBPUSD: Elliott wave analysis and forecast for 12.08.2022 – 19.08.2022

Main scenario: consider long positions from corrections above the level of 1.2000 with a target of 1.2406 – 1.2685.

Alternative scenario: breakout and consolidation below the level of 1.2000 will allow the pair to continue declining to the levels of 1.1750 – 1.1600.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction developed as wave (2), supposedly. Wave С of (2) is formed on the H4 chart, with the fifth wave v of C completed as its part. The third wave of larger degree (3) started forming. Apparently, the first wave of smaller degree i of 1 of (3) continues developing on the H1 chart, with wave (iv) of i completed and wave (v) of i developing as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.2406 – 1.2685. The level of 1.2000 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1750 – 1.1600.

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 LiteFinance. 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.

Rate this article:

{{value}} ( {{count}} {{title}} )


Your email address will not be published.