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GBPUSD, Elliot Wave Analysis

3/28/2023 10:14 AM

The price is in a correction and a fall is possible.

On the daily chart, the upward first wave of the higher level (1) formed, within which the wave 5 of (1) ended. Now, a downward correction is forming as the second wave (2), within which the wave of the lower level A of (2) has ended, a correction has formed as the wave B of (2), and the wave C of (2) is developing. If the assumption is correct, the GBP/USD pair will fall to the area of 1.1400–1.1154. In this scenario, critical stop loss level is 1.2440.




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