GBPUSD: Elliott wave analysis and forecast for 19.05.23 – 26.05.23 | LiteFinance

Main scenario: consider short positions from corrections below the level of 1.2681 with a target of 1.2240 – 1.2137.

Alternative scenario: breakout and consolidation above the level of 1.2681 will allow the pair to continue rising to the levels of 1.2860 – 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. A bearish correction finished developing as the second wave (2) on the H4 chart, and the third wave (3) started unfolding, with the first wave of smaller degree 1 of (3) formed as its part. A descending correction appears to be forming as the second wave 2 of (3) on the H1 chart, with wave a of 2 continuing forming as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.2240 – 1.2137. The level of 1.2681 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2860 – 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *