Currency Analyst since 2010

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 pair keeps forming corrective wave (II).

Chart. H12 GBP/USD

H4. The wave (II) is taking form of a rising Zigzag. We are now witnessing the second leg of this Zigzag – c. In the near term we expect a small corrective wave [4], which may take form of a flat. After that the market will rise a bit in the wave [5].

Chart. H4 GBP/USD

Roman Petuchov for FBS

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