Main scenario: consider short positions from corrections below the level of 1.2640 with a target of 1.2086 – 1.1900.

Alternative scenario: breakout and consolidation above the level of 1.2640 will allow the pair to continue rising to the levels of 1.3083 – 1.3288.

Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). Wave С of (2) is developing on the H4 chart, with the fifth wave v of C forming as its part. On the H1 chart, a local correction appears to have formed as the fourth wave of smaller degree (iv) of v and wave (v) of v of C is unfolding. If the presumption is correct, the pair will continue to drop to the levels of 1.2086 – 1.1900. The level of 1.2640 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3083 – 1.3288.

LiteFinance: GBPUSD: Elliott wave analysis and forecast for 06.05.22 – 13.05.22 | LiteFinance


LiteFinance: GBPUSD: Elliott wave analysis and forecast for 06.05.22 – 13.05.22 | LiteFinance


LiteFinance: GBPUSD: Elliott wave analysis and forecast for 06.05.22 – 13.05.22 | LiteFinance

Price chart of GBPUSD in real time mode

GBPUSD: Elliott wave analysis and forecast for 06.05.22 – 13.05.22

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.

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