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 wave (II) is still forming. Let’s examine its structure in detail.
Chart. H12 GBP/USD
H4. The upside impulse a may now be over. So, in the near term we expect corrective wave b to form, which may take a form of the long horizontal correction. The pair will likely spend the whole week forming this wave. After that we may see upside movement in the wave C.
Chart. H4 GBP/USD
Roman Petuchov for FBS