GBPUSD: Elliott wave analysis and forecast for 03.02.2023 – 10.02.2023

Main scenario: consider long positions above the level of 1.1847 with a target of 1.2674 – 1.3000 after correction.

Alternative scenario: breakout and consolidation below the level of 1.1847 will allow the pair to continue declining to the levels of 1.1405 – 1.1154.

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, an upward first wave (1) started forming, with wave 5 of (1) forming inside. Apparently, the first wave of smaller degree i of 5 is formed on the H1 chart, and a local correction is developing as wave ii of 5. If the presumption is correct, the pair will continue to rise to the levels of 1.2674 – 1.3000 after the correction. The level of 1.1847 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.1405 – 1.1154.

Price chart of GBPUSD in real time mode

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