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Trader, analyst and instructor with a 6-year experience

GBP/USD: weekly wave analysis

Roman Petukhov

Weekly. There continues development of the global downward zigzag A-B-C. Downtrend C which has taken place for many months is developing at the moment, its formation will continue in the foreseeable future.

Daily. Layout of the last D1 area is depicted in the picture. We saw the formation of complex correction [2] after completion of the downward impulse [1], after which the fall of the pair continued.

Let’s observe the layout of this fall.

 

H4. It’s likely that waves (1) and (2) were constructed. There has already started formation of the downward wave (3). The reduce of the pair is expected next week.

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