The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2158.
Main scenario: Consider long positions from corrections above the level of 1.2158 with a target of 1.2477 – 1.2639.
Alternative scenario: Breakout and consolidation below the level of 1.2158 will allow the pair to continue declining to the levels of 1.2020 – 1.1871.
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 a local correction completed as wave 2 of (1) inside. Apparently, the third wave 3 of (1) started developing on the H1 time frame, with the wave of smaller degree i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2477 – 1.2639. The level of 1.2158 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.2020 – 1.1871.Lite
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
Lite
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
Lite
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
Forex: GBP/USD: Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020
