GBPUSD: Elliott wave analysis and forecast for 26.07.24 – 02.08.24

Highlights and key points Main scenario: consider long positions from corrections above the level of 1.2770 with a target of 1.3250 – 1.3740. A buy signal: after the level of 1.2770 is broken. Stop Loss: 1.2700; Take Profit: 1.3740. Alternative scenario: breakout and consolidation below the level of 1.2770 will allow the pair to continue declining to the levels of 1.2594 – 1.2300. A sell signal: after the level of 1.2770 is broken. Stop Loss: 1.2850; Take Profit: 1.2300.Main scenario