GBPUSD: Elliott wave analysis and forecast for 06.10.23 – 13.10.23

Main scenario: consider long positions from corrections above the level of 1.2046 with a target of 1.2465 – 1.2598.

Alternative scenario: breakout and consolidation below the level of 1.2046 will allow the pair to continue falling to the levels of 1.1758 – 1.2990.

Analysis: the first wave of a larger degree (1) has presumably formed on the daily chart, and a bearish correction started developing as the second wave (2). Wave А of (2) is formed in the H4 chart, with the fifth wave of a smaller degree v of А completed inside. Apparently, an ascending correction as wave В… Read full author’s opinion and review in blog of #LiteFinance