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