GBPUSD: Elliott wave analysis and forecast for 16.09.2022 – 23.09.2022

Main scenario: consider short positions from corrections below the level of 1.1737 with a target of 1.1190 – 1.1000.

Alternative scenario: breakout and consolidation above the level of 1.1737 will allow the pair to continue rising to the levels of 1.2280 – 1.2665.

Analysis: the fifth wave of larger degree V is presumably developing on the daily chart, with wave (3) of V forming as its part. The fifth wave of smaller degree 5 of (1) is developing on the H4 chart, with wave iii of 5 forming inside. On the H1 chart, apparently, there’s wave (iii) of iii of 5 formed, a local correction completed as wave (iv) of iii, and wave (v) of iii forming. If the presumption is correct, the pair will continue to drop to the levels of 1.1190 – 1.1000. The level of 1.1737 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2280 – 1.2665.

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Your email address will not be published.