GBP/USD: Elliott wave analysis and forecast for 10.07.2020 – 17.07.2020

The pair GBP/USD remains likely to grow. Estimated pivot point is at the level of 1.2439.

Main scenario: consider long positions from corrections above the level of 1.2439 with the target in 1.2820 – 1.3150.

Alternative scenario: breakout and consolidation below the level of 1.2439 will allow the pair to continue declining to the levels of 1.2245 – 1.2065.

Analysis: supposedly, the fifth wave of a larger degree V finished developing on the GBP/USD daily time frame, with wave (С) of V completed inside. On the 4-hour time frame the first inceptive wave of a new trend (1) of 1 and a correction is…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>