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