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Currency Analyst since 2010

GBP/USD: wave analysis (Nov. 10-16)

By Roman Petuchov

Weekly. The market continues developping a descending trend that could become a final part of the global bearish zigzag A-B-C.

 

Daily. Waves [1] and [2] have already been constructed. Wave [2] took a form of a double tripple. Next week we expect the pair to decline in a new descending trend [3].

 

H4. On the chart one could see a markup of the last part of the trend. This week the market will be forming waves 3-4-5 of (1). Beware of a correction, though. 

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