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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 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

 

 

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