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). After this we’ve seen a start of the wave (II).
Chart. H12 GBP/USD
H4. The wave(II) may be in the form of a Zigzag the first impulse of which may already be seen. There will likely be some decline in the near term (as on the picture) and then growth in the wave (II) will resume. After this wave is complete, pound will start depreciating.
Chart. H4 GBP/USD
By Roman Petuchov for FBS