GBP/USD: Elliott wave analysis and forecast for 10/04/2020 – 17/04/2020

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

Main scenario: short positions will be relevant from corrections below the level of 1.2738 with a target of 1.1177 – 1.0687 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.2738 will allow the pair to continue the rise up 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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>