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GBP/USD: Elliott waves (Apr. 21)

By Roman Petuchov

Weekly. During the last 8 months the market has been growing within an ascending impulse [C] of B. Consider the layout of the bullish trend.



Chart. Weekly GBP/USD

Daily. The chart shows the layout of the rising impulse. The pair’s currently forming correctional wave (IV).



Chart. Daily GBP/USD

H4. GBP/USD is forming the wave (IV) which takes the form of a Zigzag. Once the upward impulse (5) of [C]is complete, the pair will start declining within the impulse C. The estimated trajectory is shown at the picture.

Chart. H4 GBP/USD

GBP
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