GBP/USD: Elliott wave analysis and forecast for 01/05/2020 – 08/05/2020

The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2238.

Main scenario: consider long positions from corrections above the level of 1.2238 with a target of 1.3201 – 1.3509.

Alternative scenario: breakout and consolidation below the level of 1.2238 will allow the pair to continue declining to the levels of 1.1.1871 – 1.1396.

Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave  (С) of V completed inside. The first wave (1) is developing on the H4 time frame, with wave 1 of (1) formed and…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>