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. GBP/USD keeps forming wave [II]. Wave (a) made a very rapid and powerful upside impulse which is now close to an end.
Chart. H12 GBP/USD
H4. If the marking is correct and the wave is really over, there will be a corrective decline in the wave b. however, in such situation there’s always the risk that the uptrend continues. Only when we see enough small downside impulses, we’ll be able to say that sterling has started forming the wave b.
Chart. H4 GBP/USD
By Roman Petuchov for FBS