GBPUSD: Elliott wave analysis and forecast for 10.03.2023 – 17.03.2023

Main scenario: consider short positions from corrections below the level of 1.2060 with a target of 1.1655 – 1.1405.

Alternative scenario: breakout and consolidation above the level of 1.2060 will allow the pair to continue rising to the levels of 1.2271 – 1.2443.

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 of smaller degree (1) finished forming. A bearish correction is developing as the second wave (2), with wave А of (2) continuing forming as its part. Apparently, the third wave of smaller degree iii of А continues developing on the H1 chart, with wave (iv) of iii nearing completion as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.1655 – 1.1405. The level of 1.2060 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2271 – 1.2443.

Price chart of GBPUSD in real time mode

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