GBPUSD: Elliott wave analysis and forecast for 30.07.2021 – 06.08.2021

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Main scenario: consider long positions from corrections above the level of 1.3720 with a target of 1.4187 – 1.4253.

Alternative scenario: breakout and consolidation below the level of 1.3720 will allow the pair to continue declining to the levels of 1.3153 – 1.2818.

Analysis: Daily time frame: the first wave of larger degree (1) finished developing, with wave 5 of (1) formed inside. A descending correction appears to have formed as wave (2) on the H4 time frame, with wave C of (2) completed inside. Apparently, the third wave (3) started developing on the H1 time frame, with the first counter-trend wave of smaller degree 1 of (3) forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.4187 – 1.4253. The level of 1.3720 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3153 – 1.2818.



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 LiteForex. 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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