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. The market has formed an impulse decline after an impulse growth. We assume that the wave (b) is now enfolding – a correction after the wave (а).
Chart. H12 GBP/USD
H4. Wave а of (b) looks complete. In the near term we expect corrective growth in the wave b.
Chart. H4 GBP/USD
By Roman Petuchov for FBS