GBP/USD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020

The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2333.

Main scenario: consider long positions from corrections above the level of  1.2333 with a target of 1.2880 – 1.3150.

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