GBP/USD: Elliott wave analysis and forecast for 23/08/2019 – 30/08/2019

The pair GBP/USD is likely to grow. Estimated pivot point is at a level of 1.2008.

Main scenario: long positions will be relevant from corrections above the level of 1.2008 with a target of 1.2543 – 1.2704.

Alternative scenario: Breakout and consolidation below the level of 1.2008 will allow the pair to continue declining to the levels of 1.1900 – 1.1800.

Analysis: Supposedly, the 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. The fifth wave of junior level v of C finished developing on the H4 time frame. Apparently, the first counter-trend wave i of 1 of 3 is forming on the H1 time frame, with wave (iii) of i developing inside. If the presumption is correct, the pair will continue to rise to the levels 1.2543 – 1.2704. The level 1.2008 is critical in this scenario.