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 wave (II) is probably taking form of the a-b-c Zigzag. The impulse a is close to an end. We’ll likely see the formation of the wave (4) in the near term. After that the market will rise in the fifth wave and the whole impulse will be complete. When it happens, the market will start a decline in a corrective wave b.
Chart. H4 GBP/USD
Roman Petuchov for FBS