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

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