GBP/USD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

GBP/USD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

The pair GBP/USD is likely to grow. Estimated pivot point is at a level of 1.1952.

Main scenario: long positions will be relevant from corrections above the level of 1.1952 with a target of 1.2543 – 1.2704.

Alternative scenario: Breakout and consolidation below the level of 1.1952 will allow the pair to continue declining to the levels of 1.1800 – 1.1700.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. On the H4 time frame, the wave C of (2) has stopped developing and wave (3) is starting to form. Apparently,  a counter-trend impetus of junior level  has formed as wave  (i) of i of 1 of (3) on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 1.2543 – 1.2704 once correction (ii) of i has stopped developing. The level 1.1952 is critical in this scenario.

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