GBP/USD: Elliott wave analysis and forecast for 17/04/2020 – 24/04/2020

GBP/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.2738.

Main scenario: Consider short positions below the level of 1.2738 with a target of 1.1177 – 1.0687

Alternative scenario: breakout and consolidation above the level of 1.2738 will allow the pair to continue rising to the levels of 1.3201 – 1.3509.

Analysis: Supposedly, the fifth wave of larger degree V continues developing on the daily time frame, with a correction completed in the form of wave (2) of V inside. The third wave (3) of V is developing on the H4 time frame, with…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>