GBP/USD: wave analysis for Jan. 26-30
Weekly. The pairkeeps forminga powerful multi-month downtrendC, which is part of the global zigzag ABC.Inthe next 6 months the development of the downward movementwill continue.
Daily. When the correctional wave (2) was over, we saw a continuation of the price movement down in the new wave (3). In the coming weeks, the construction of this wave will continue, so the market is favorable for sales.
H4. This week the pair is expected to form the wave 5, the construction of which has begun after the development of the horizontal correction 4. In this situation, consider only short positions on GBP/USD.