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 , which may take form of a flat. After that the market will rise a bit in the wave .
Chart. H4 GBP/USD
Roman Petuchov for FBS