GBPUSD: Elliott wave analysis and forecast for 22.01.2021 – 29.01.2021

Main scenario:  consider long positions from corrections above the level of 1.3515 with a target of 1.3800 – 1.3900.

Alternative scenario: breakout and consolidation below the level of 1.3515 will allow the pair to continue declining to the levels of 1.3310 – 1.3194.

Analysis: Daily time frame: presumably, the first wave of larger degree (1) continues developing, with wave 5 of (1) forming inside. On the H4 time frame, the third wave of smaller degree iii of 5 formed and a correction finished developing in the form of wave iv of 5. Apparently, wave v of 5 is developing on… Read full author’s opinion and review in blog of #LiteForex