GBP/USD: Elliott wave analysis and forecast for 19/06/2020 – 26/06/2020

GBP/USD is correcting, still likely to grow. Estimated pivot point is at a level of 1.2350.

Main scenario: consider long positions above the level of 1.2350 with a target of  1.2880 – 1.3150 once the correction has finished.

Alternative scenario: breakout and consolidation below the level of 1.2350 will allow the pair to continue declining to the levels of 1.2069 – 1.1635.

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