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Trader, analyst and instructor with a 6-year experience

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 pair has finished impulse (I) and is now forming a rising wave (II). Let’s examine its structure in detail. 

Chart. H12 GBP/USD

H4. The second wave may be taking form of the a-b-c Zigzag. At the moment pound keeps forming corrective wave b of this Zigzag. After this upside movement will resume.  

Chart. H4 GBP/USD

Roman Petuchov for FBS

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