GBPUSD: Elliott wave analysis and forecast for 16.08.24 – 23.08.24

Highlights and key pointsMain scenario: consider long positions from corrections above the level of 1.2660 with a growth target of 1.3400 – 1.3740. A buy signal: after the price returns above 1.2660. Stop Loss: below 1.2630, Take Profit: 1.3400 – 1.3740. Alternative scenario: breakout and consolidation below the level of 1.2660 will allow the pair to continue declining to the levels of 1.2300 – 1.2050. A sell signal: after the level of 1.2660 is broken to the downside. Stop Los