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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. Last week GBP/USD showed powerful impulse growth, so we’ve adopted a new marking. The formation of the wave [II] may have just started. As this is a corrective wave, it may take the shape of a Zigzag.

Chart. H12 GBP/USD

H4. We can’t rule out the possibility that the impulse in the wave a has finished forming and that we’ll see the wave b in the near term. However, taking into account the rapid growth seen recently, it’s dangerous to sell, because the possibility of continuation of the uptrend is very high.

Chart. H4 GBP/USD

By Roman Petuchov for FBS

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