GBPUSD: Elliott wave analysis and forecast for 29.03.24 – 05.04.24

Main scenario: consider short positions from corrections below the level of 1.2801 with a target of 1.2427 – 1.2333.Alternative scenario: breakout and consolidation above the level of 1.2801 will allow the pair to continue rising to the levels of 1.3000 – 1.3200.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. Wave 1 of (3) is formed on the H4 time fram