GBP/USD: Elliott Wave Analysis And Forecast For 17/01/2020 – 24/01/2020

The pair GBP/USD remains likely to fall. Estimated pivot point is at a level of 1.3205.

Main scenario: short positions should be considered from corrections below the level of 1.3205 with a target of 1.2850 – 1.2735.

Alternative scenario: breakout and consolidation above the level of 1.3205 will allow the pair to continue the rise up to the levels of 1.3514 – 1.3727.

Analysis: Supposedly, a descending correction of senior level in the form of a zigzag-shaped second wave (2) finished developing on the daily time frame. On the H4 time frame, wave (3) has started forming, with the first wave 1 of (3) formed and correction 2 of (3) developing inside. Apparently, wave c of 2 is developing on H1 time frame, with the local correction (iv) of c completed inside. If the presumption is correct, the pair will continue to drop to the levels of 1.2850 – 1.2735. The level of 1.3205 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3514 – 1.3727.

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