GBP/USD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

The pair GBP/USD remains likely to fall. Estimated pivot point is at a level of 1.2116.

Main scenario: short positions will be relevant from corrections below the level of 1.2116 with a target of 1.1177 – 1.0687.

Alternative scenario: breakout and consolidation above the level of 1.2116 will allow the pair to continue the rise up to the levels of 1.2520 – 1.3196.

Analysis: Supposedly, the fifth wave of senior level 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 forming…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>