GBP/USD: Elliott wave analysis and forecast for 22/05/2020 – 29/05/2020

GBP/USD corrects, still likely to fall. Estimated pivot point is at a level of 1.2300.

Main scenario: consider short positions from corrections below the level of 1.2300 with a target of 1.2021 – 1.1871

Alternative scenario: breakout and consolidation above the level of 1.2300 will allow the pair to continue rising to the levels of 1.2470 – 1.2728.

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 a…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>