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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 and 2 which are the first downside impulse waves inside a big impulse [III]. In the near term we expect a decline in the wave 3 as it’s shown at the picture.

Chart. H4 GBP/USD

Roman Petuchov for FX Bazooka

GBP
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