GBPUSD: Elliott wave analysis and forecast for 19.08.22 – 26.08.22

Main scenario: consider long positions above the level of 1.1751 with a target of 1.2406 – 1.2685 once the correction is completed.

Alternative scenario: breakout and consolidation below the level of 1.1751 will allow the pair to continue declining to the levels of 1.1600 – 1.1402.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction has presumably developed as wave (2). 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) has formed on the H1 chart. Also, a local correction is developing as the second wave ii of 1 of (3), with wave (c) of ii unfolding as its part. If the presumption is correct, the pair will continue to rise to the levels of 1.2406 – 1.2685 after the correction. The level of 1.1751 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1600 – 1.1402.

Price chart of GBPUSD in real time mode

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