GBP/USD: Elliott wave analysis and forecast for 24/04/2020 – 01/05/2020

The pair GBP/USD remains likely to fall. Estimated pivot point is at a level of 1.2652

Main scenario: Consider short positions below the level of 1.2652 with a target of 1.1396 – 1.1177.

Alternative scenario: breakout and consolidation above the level of 1.2652 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>