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GBP/USD: Elliot wave analysis

Weekly. On the weekly chart there’s a global Zigzag A-B-C. The pair keeps forming the wave С which aims at the level 1.1 where the pair was last seen in 1985.

Chart. Weekly GBP/USD

H12. Pound has finished forming the wave [II] which represents a Zigzag with the complex corrective wave (b). We are witnessing a decline in the swift impulse wave [III].

Chart. H12 GBP/USD 

H4. The marking on H4 shows that the pair has finished forming wave (I). In the nearest time we’ll see corrective growth in the wave (II), which may continue to the levels of 50%/61.8%/78,6% Fibo (these are the common targets for the second wave of an impulse).

Chart. H4 GBP/USD

By Roman Petuchov for FBS Markets Inc

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