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

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