GBPUSD: Elliott wave analysis and forecast for 10.05.24 – 17.05.24

Main scenario: consider long positions from corrections above the level of 1.2453 with a target of 1.2821 – 1.3000.Alternative scenario: breakout and consolidation below the level of 1.2453 will allow the pair to continue declining to the levels of 1.2294 – 1.2033.Analysis: the first wave of larger degree (1) is presumably formed, a correction developed as second wave (2), and the ascending third wave (3) started unfolding on the daily chart. On the H4 chart, wave 1 of (3) is formed,