Currency Analyst since 2010

GBP/USD: weekly wave analysis

By Roman Petuchov

Weekly. Throughout the past year the market went up in a powerful impulse [c] of B. Its construction is now likely complete, and in the coming months we’ll see a decline.

Daily. Here’s the layout of the long impulse [C]. It looks fully complete with the waves of the junior level, so one can say with certainty that we are seeing the beginning of construction of a new downtrend.

H4. At the moment the pair is forming the first downward impulse of a new trend – [1]. Its construction will be completed next week. Then GBP/USD will start forming upward correction [2]. In such a situation it’s necessary to say a few words about the alternative scenario, because its probability is quite high. According to this scenario, this week we’ll see a strong fall. So long positions are not recommended.

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