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GBP/USD: Elliott waves (May 19)

By Roman Petuchov

Weekly. GBP/USD is forming a wide wave plane B. In the past 5 months we have been seeing growth within the impulse wave [c].

Chart. Weekly GBP/USD

Daily. Wave (III) is fully formed. At the moment, we see the construction of a correctional wave (IV), which is taking form of a plane. This means that at the last section there will be an impulse decline.

Chart. Daily GBP/USD

H4. Wave [1] is fully equipped with waves of the junior level, which means that soon we’ll see growth in the correctional wave [2]. When the second wave is complete, the decline will continue. The approximate trajectory of the upcoming move is shown at the chart.

Chart. H4 GBP/USD

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