GBP/USD: Elliott Wave Analysis And Forecast For 20/03/2020 – 27/03/2020

The pair GBP/USD remains likely to fall. Estimated pivot point is at a level of 1.2116.
Main scenario: short positions will be relevant from corrections below the level of 1.2116 with a target of 1.2606 – 1.2508.
Alternative scenario: breakout and consolidation above the level of 1.2116 will allow the pair to continue the rise up to the levels of 1.2520 – 1.3196.
Analysis: Supposedly, the fifth wave of senior level V continues developing on the daily time frame, with a correction completed in the form of wave (2) of V inside. The third wave (3) of V is forming on the H4 time frame. Apparently, a descending impetus is forming as wave 3 of (3) on the H1 time frame. If this assumption is correct, the pair will continue to fall to 1.1177 – 1.0687. The level of 1.2116 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.2520 – 1.3196.