GBPUSD: Elliott wave analysis and forecast for 04.12.2020 – 11.12.2020

Main scenario: consider long positions from corrections above the level of 1.3286 with a target of 1.3700 – 1.3900.

Alternative scenario: breakout and consolidation below the level of 1.3286 will allow the pair to continue declining to the levels of 1.2910 – 1.2679.

Analysis: Daily time frame: presumably, the first wave of larger degree (1) continues developing, with wave 3 of (3) formed inside. On the H4 time frame, there is the fifth wave 5 of (3) developing, with wave iii of 5 forming inside. On the H1 time frame, a local correction appears to have finished developing as wave… Read full author’s opinion and review in blog of #LiteForex