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Trader, analyst and instructor with a 6-year experience

GBP/USD: weekly wave analysis

By Roman Petuchov

Weekly. GBP/USD has finished completing a global correctional wave B, the construction of which lasted for 4 years. In the coming months we expect to see a decline within a new downtrend.

Daily. The layout of the final upward impulse [c] of B is shown at the picture. At the last section we see the beginning of a new downtrend. Consider the structure of the bearish area in detail.

H4. It seems that the market is only accelerating. Given how small the correctional wave [2] turned out to be, we can conclude that bears have large force. This week we expect to see continuing decline in the powerful downward impulse [3].

GBP
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