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GBPUSD: Elliott wave analysis and forecast for 17.03.23 – 24.03.23

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Main scenario: consider short positions from corrections below the level of 1.2444 with a target of 1.1655 – 1.1405.

Alternative scenario: breakout and consolidation above the level of 1.2444 will allow the pair to continue rising to the levels of 1.2700 – 1.3050.

Analysis: the fifth wave of larger degree V presumably finished developing on the daily chart, with wave 5 of V formed as its part. On the H4 chart, the first ascending wave (1) finished forming. A bearish correction is developing as the second wave (2), with wave А of (2) formed as its part. On the H1 chart, apparently a local correction finished developing as wave В of (2), and wave C of (2) started forming. If the presumption is correct, the pair will continue to drop to the levels of 1.1655 – 1.1405. The level of 1.2444 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2700 – 1.3050.



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.

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