GBPUSD: Elliott wave analysis and forecast for 16.02.24 – 23.02.24

Main scenario: consider long positions from corrections above the level of 1.2516 with a target of 1.3000 – 1.3147.Alternative scenario: breakout and consolidation below the level of 1.2516 will allow the pair to continue declining to the levels of 1.2427 – 1.2332.Analysis: the first wave of larger degree (1) is presumably formed, a correction is completed as second wave (2), and the ascending third wave (3) started unfolding on the daily chart. The first wave of smaller degree 1 of