GBPUSD: Elliott wave analysis and forecast for 27.11.20 – 04.12.20

Main scenario: consider long positions from corrections above the level of 1.3195 with a target of 1.3500 – 1.3700.

Alternative scenario: breakout and consolidation below the level of 1.3195 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, a descending correction appears to have developed as the fourth wave 4 of (3), and wave 5 of (3) started forming. Apparently, the third wave iii of 5 is developing on… Read full author’s opinion and review in blog of #LiteForex