Currency Analyst since 2010

GBP/USD: Elliott waves (Feb. 17)

By Roman Petuchov

Weekly. We see an increase in the upward impulse [c] of B in line with our forecast.

Chart. Weekly GBP/USD

Daily. The wave (IV) ended (its finish was pinpointed last week), and we are now seeing growth within the impulse wave (V). It’s important to determine the final point of wave (V).

Chart. Daily GBP/USD

H4. The rapid growth continues, and the wave in question probably isn’t formed yet. The sign indicating that the wave (V) is nearing completion will be the formation of the correctional wave IV, which may take the form of extended horizontal or lateral flat market correction. When we see this, growth will be close to an end, but the previous local maximum will be renewed again. The approximate scheme is represented at the chart.

Chart. H4 GBP/USD

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