GBPUSD: Elliott wave analysis and forecast for 20.11.2020 – 27.11.2020

Main scenario: consider long positions from corrections above the level of 1.3096 with a target of 1.3476 – 1.3700.

Alternative scenario: breakout and consolidation below the level of 1.3096 will allow the pair to continue declining to the levels of 1.2867 – 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, apparently, a descending correction has finished developing as the fourth wave 4 of (3), and wave 5 of (3) started forming. The third wave iii of 5 appears to be developing… Read full author’s opinion and review in blog of #LiteForex