GBP/USD: wave analysis for Jan. 12-16
Weekly. The market continues togeneratestrongdowntrend, which is a part ofthe bearish A-B-C zigzag.
Daily. The picture shows the detailed layout of the wave C. After completion of the wave (2) in line with previous guidance, we saw the development of a powerful downward wave. In the near future the construction of the descending wave will continue, but we shouldn’t forget about the formation of a slight upward and horizontal offsets.
H4. This week we expect the completion of a small correction, after which the pair’s decline will proceed.