Home News GBPUSD: Elliott wave analysis and forecast for 26.08.2022 – 02.09.2022

GBPUSD: Elliott wave analysis and forecast for 26.08.2022 – 02.09.2022

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Main scenario: consider short positions from corrections below the level of 1.1928 with a target of 1.1600 – 1.1402.

Alternative scenario: breakout and consolidation above the level of 1.1928 will allow the pair to continue rising to the levels of 1.2143 – 1.2406.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). Wave С of (2) is unfolding on the H4 chart, with the fifth wave v of C forming as its part. The third wave of smaller degree (iii) of v of C appears to be forming on the H1 chart, with a local correction nearing completion as wave iv of (iii) inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1600 – 1.1402. The level of 1.1928 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2143 – 1.2406.



Price chart of GBPUSD in real time mode

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