GBPUSD: Elliott wave analysis and forecast for 30.04.21 – 07.05.21

Main scenario: consider short positions from corrections below the level of 1.4237 with a target of 1.3572 – 1.3158 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.4237 will allow the pair to continue rising to the levels of 1.4450 – 1.4700.

Analysis: Daily time frame: presumably, the first wave of larger degree (1) finished developing, with wave 5 of (1) formed inside. A descending correction started developing as wave (2) on the H4 time frame, with wave A of (2) formed inside. Apparently, wave B of (2) is developing on the H1 time… Read full author’s opinion and review in blog of #LiteForex