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

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