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Elliott Wave Analyst

GBP/USD: bearish impulse on the way

GBP/USD: bearish impulse on the way

Wave (2) was possibly ended last week, so there’s an opportunity to have wave (3) in the short term. Previously, wave [4] was delivered in a form of a zigzag. Therefore, wave (3) is likely going to start soon, so we should keep an eye on 1/8 Murrey Math Level (P=200) as a possible bearish target.

GBP/USD: bearish impulse on the way

We’ve got a zigzag in wave Y of (2) with a flat in wave [b]. Also, there’s a pullback from 8/8 MM Level, so there’s a possible bearish impulse in wave [i] on the way. The main intraday target is 3/8 MM Level.

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