GBP/USD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020

The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2497.

Main scenario: consider long positions from corrections above the level of 1.2497 with a target of 1.2800 – 1.3150

Alternative scenario: breakout and consolidation below the level of 1.2497 will allow the pair to continue declining to the levels of 1.2366 – 1.2204.

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