GBP/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

GBP/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.2469.

Main scenario: consider short positions from corrections below the level of 1.2469 with a target of 1.2021 – 1.1871.

Alternative scenario: breakout and consolidation above the level of 1.2469 will allow the pair to continue rising to the levels of 1.2728 – 1.3201.

Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave  (С) of V completed inside. The first wave (1) is developing on the H4 time frame, with wave 1 of (1) formed and…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>