GBP/USD: Elliott wave analysis and forecast for 17/07/2020 – 24/07/2020

GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2483.

Main scenario: consider long positions from corrections above the level of  1.2483 with a target of 1.2820 – 1.2980.

Alternative scenario: breakout and consolidation below the level of 1.2483 will allow the pair to continue declining to the levels of 1.2245 – 1.2065.

Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave  (С) of V completed inside. On the H4 time frame, supposedly, the first counter-trend wave (1) of 1 formed and a local correction finished developing…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>