GBPUSD: Elliott wave analysis and forecast for 18.03.22 – 25.03.22


Main scenario: consider short positions from corrections below the level of 1.3396 with a target of 1.2831 – 1.2487.

Alternative scenario: breakout and consolidation above the level of 1.3396 will allow the pair to continue rising to the levels of 1.3638 – 1.4000.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). On the H4 chart, wave B of (2) finished forming, and wave С of (2) is developing at the moment. On the H1 chart, the third wave of smaller degree iii of C appears to have formed, and a local correction is developing as the fourth wave iv of C. If this assumption is correct, the pair will continue to fall to 1.2831 – 1.2487 after the local correction comes to its end. The level of 1.3396 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3638 – 1.4000.



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Your email address will not be published.