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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 (I) is complete. At the moment we are witnessing the formation of the wave (II).

Chart. H12 GBP/USD

H4. The wave (II) is probably taking form of a rising Zigzag. We are now witnessing the formation of the wave [B] of b of this Zigzag. See the approximate trajectory on the picture.

Chart. H4 GBP/USD

Roman Petuchov for FBS

 

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