Crypto currency

GBPUSD: Elliott wave analysis and forecast for 14.05.21 – 21.05.21

Main scenario:  consider short positions from corrections below the level of 1.4237 with a target of  1.3572 – 1.3446 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.4237 will allow the pair to continue rising to the levels of 1.4450 – 1.4700.

Analysis: Daily time frame: presumably, the first wave of larger degree (1) finished developing, with wave 5 of (1) formed inside. A descending correction started developing as wave (2) on the H4 time frame, with waves A of (2) and B of (2) formed inside. Apparently, wave С of (2) started developing on the H1 time frame. If this assumption is correct, the pair will continue to drop to 1.3572 – 1.3446. The level of 1.4237 is critical in this scenario, as the breakout will enable the pair to continue rising to the levels of 1.4450 – 1.4700.



 

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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