GBP/USD: Elliott Wave Analysis And Forecast For June 5-12

The pair GBP/USD remains likely to grow. Estimated pivot point is at a level of 1.2497.

Main scenario: Consider long positions from corrections above the level of 1.2497 with a target of 1.2800 – 1.3150

Alternative scenario: Breakout and consolidation below the level of 1.2497 will allow the pair to continue declining to the levels of 1.2366 – 1.2204.

Analysis: Supposedly, the fifth wave of larger degree V finished developing on the daily time frame, with wave (С) of V completed and the first wave (1) developing inside. On the H4 time frame, wave 1 of (1) formed, a local correction is completed in the form of wave 2 of (1), and wave 3 of (1) started developing. Apparently, the first wave of smaller degree i of 3 is developing on the H1 time frame, with wave (iii) of i developing inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2800 – 1.3150. The level of 1.2497 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.2366 – 1.2204.

LiteForex: GBP/USD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020


LiteForex: GBP/USD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020


LiteForex: GBP/USD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020

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