GBPUSD: Elliott wave analysis and forecast for 15.03.24 – 22.03.24

Main scenario: consider long positions above the level of 1.2600 with a target of 1.3000 – 1.3200 once a correction is formed.Alternative scenario: breakout and consolidation below the level of 1.2600 will allow the pair to continue declining to the levels of 1.2518 – 1.2427.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. Apparently, the first wave of