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 may have finished the upward corrective wave (II). So, in the near term we expect a decline in the wave (III) as it’s shown on the picture.
Chart. H12 GBP/USD
H4. The wave (II) looks complete. We expect sterling to decline in the near term.
Chart. H4 GBP/USD
Roman Petuchov for FBS