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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

Daily. The pair may have finished the upward corrective wave [II]. So, in the near term we expect a decline in the wave [III].

Chart. Daily GBP/USD

H4. The pair has finished the wave 1. We have probably seen the beginning of a corrective rising wave 2. So, in the near term the pair may rise a bit in the wave 2, and then the decline might resume.

Chart. H4 GBP/USD

Roman Petuchov for FBS

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