GBP/USD: Elliott waves (Jan. 27)
Weekly. GBP/USD is forming the wave B in a wave plane. At the moment the pair’s building the upward impulse wave [c].
Chart. Weekly GBP/USD
Daily. Last week the pair renewed high. Now the wave V looks fully formed. Next week we expect correctional wave (IV), which can take form of any corrective pattern.
Chart. Daily GBP/USD
H4. Formation of the wave (IV) has just started, so it’s impossible to say exactly what form will this wave have. In the near future the decline will likely continue. More refined layout will be presented next week, when more data are available.
Chart. H4 GBP/USD
Roman Petuchov for FBS