Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

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GBP/USD is correcting, still likely to fall. Estimated pivot point is at a level of 1.2469.

Main scenario: consider short positions from corrections below the level of 1.2469 with a target of 1.2021 – 1.1871.

Alternative scenario: breakout and consolidation above the level of 1.2469 will allow the pair to continue rising to the levels of 1.2728 – 1.3201.

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 developing as wave 2 of (1) inside. Apparently, wave c of 2 is developing on the H1 time frame, with wave (iii) of c of 2 forming inside. If the presumption is correct, the price will continue falling to the levels of 1.2021 – 1.1871. The level of 1.2469 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.2728 – 1.3201

LiteForex: GBP/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


LiteForex: GBP/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


LiteForex: GBP/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020


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Price chart of GBPUSD in real time mode

GBP/USD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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