GBP/USD: Elliott wave analysis and forecast for 27/03/2020 – 03/04/2020

The GBP/USD pair is in correction, still likely to fall. Estimated pivot point is at a level of 1.2528.

Main scenario: short positions will be relevant from corrections below the level of 1.2528 with a target of 1.1177 – 1.0687 once the correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.2528 will allow the pair to continue the rise up to the levels of 1.3196 – 1.3509.

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….<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>