GBPUSD: Elliott wave analysis and forecast for 07.06.24 – 14.06.24

June 7, 2024 11:01 am

Main scenario: consider long positions from corrections above the level of 1.2668 with a target of 1.2910 – 1.3100.

Alternative scenario: breakout and consolidation below the level of 1.2668 will allow the pair to continue declining to the levels of 1.2447 – 1.2294.

Analysis: the first wave of larger degree (1) is presumably formed, a correction developed as second wave (2), and the ascending third wave (3) is unfolding on the daily chart. On the H4 chart, wave 1 of (3) is formed, a descending correction is completed as second wave 2 of (3), and wave 3 of (3) started developing. Apparently, the first wave of smaller degree i of 3 continues forming on the H1 time frame, with wave (v) of i of 3 forming as its part. If the presumption is correct, the GBPUSD will continue to rise to the levels of 1.2910 – 1.3100 upon correction. The level of 1.2668 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2447 – 1.2294.

Price chart of GBPUSD in real time mode

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