Trader, analyst and instructor with a 6-year experience

GBP/USD: wave analysis

By Roman Petuchov

Weekly. The price is forming a global descending zigzag A-B-C. After having completed the global wave flat B the pair started to decline in a new bearish trend C.

Daily. Wave [2] takes form of a more complicated wave than we expected before. Let's see the details on the H4 chart. 

H4. Corrective wave [2] take a form of a double tripple. This week we expect the price to grow in a double zigzag (y) of [2]. Afterwards the decline is set to continue, but it is still too early to talk about that. 

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