GBPUSD: Elliott wave analysis and forecast for 25.09.20 – 02.10.20

Main scenario: consider long positions from corrections above the level of 1.2667 with a target of 1.3016 – 1.3318.

Alternative scenario: breakout and consolidation below the level of 1.2667 will allow the pair to continue declining to the levels of 1.2489 – 1.2244.

Analysis: Presumably, the first wave of larger degree (1) continues developing on the daily time frame, with wave 3 of (3) formed inside. Apparently, a local correction formed as the fourth wave 4 of (3) on the H4 time frame. Presumably, wave c of 4 of smaller degree has formed, and an ascending fifth wave 5 of…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>