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Trader, analyst and instructor with a 6-year experience

GBP/USD: Elliot wave analysis

Weekly. The pair keeps forming a global Zigzag with the wave B taking form of a horozontal triangle. The wave [I] of C has probable ended and now we are witnessing the formation of the corrective wave [II].

Chart. Weekly GBP/USD

Daily. The wave [II] is taking form of a flat with an impulse wave (С). Now we are witnessing the formation of the final rising wave V.

Chart. Daily GBP/USD

H4. The detailed marking of the wave V is still not clear. For now there are no signs of the end or change in the uptrend. The critical level above which the prices shouldn’t rise is shown at the picture with a red line.

Chart. H4 GBP/USD

Roman Petuchov for FBS

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