GBPUSD: Elliott wave analysis and forecast for 29.01.21 – 05.02.21

Main scenario: consider long positions from corrections above the level of 1.3624 with a target of 1.3850 – 1.3950.

Alternative scenario: breakout and consolidation below the level of 1.3624 will allow the pair to continue declining to the levels of 1.3465 – 1.3310.

Analysis: Daily time frame: presumably, the first wave of larger degree (1) continues developing, with wave 5 of (1) forming as part of it. On the H4 time frame, the third wave of smaller degree iii of 5 formed and a correction finished developing in the form of wave iv of 5. Apparently, wave v of 5… Read full author’s opinion and review in blog of #LiteForex