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GBPUSD: Elliott wave analysis and forecast for 02.10.20 - 09.10.20

2020-10-02

2020-10-02

GBPUSD: Elliott wave analysis and forecast for 02.10.20 – 09.10.20Alex Geuta

Main scenario: consider long positions from corrections above the level of 1.2667 with a target in 1.3284 – 1.3485.

Alternative scenario: breakout and consolidation below the level of 1.2667 will allow the pair to continue declining to the levels of 1.2443 – 1.2200.

Analysis: Presumably, the first wave of larger degree (1) continues developing on the daily time frame, with wave 3 of (3) formed inside. Apparently, a local correction formed as the fourth wave 4 of (3) on the H4 time frame. Presumably, an ascending fifth wave 5 of (3) is starting to develop on H1 time frame, with wave (i) of i of 5 formed inside. If the presumption is correct, the pair may be expected to rise to the levels of 1.3284 – 1.3485. The level of 1.2667 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1.2443 – 1.2200.

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Price chart of GBPUSD in real time mode

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