GBPUSD: Elliott wave analysis and forecast for 20.05.22 – 27.05.22


Main scenario: consider short positions after correction finishes below the level of 1.2787 with a target of 1.2055 – 1.1900.

Alternative scenario: breakout and consolidation above the level of 1.2787 will allow the pair to continue rising to the levels of 1.3083 – 1.3302.

Analysis: the first wave of a larger degree (1) is formed in the daily chart, and a bearish correction continues developing as wave (2). Wave С of (2) is developing in the H4 chart, with the fifth wave v of C forming as its part. In the H1 chart, the third wave of a smaller degree (iii) of v appears to have formed and the local correction is developing as the fourth wave (iv) of v of C, with wave c of (iv) unfolding as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.2055 – 1.1900. The level of 1.2787 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3083 – 1.3302.



Price chart of GBPUSD in real time mode

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