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GBP/USD: Elliot wave analysis

Weekly. Corrective wave [II] will soon be over.

Chart. Weekly GBP/USD

Daily. The wave [II] may have taken form of a flat. The final rising impulse wave V is now enfolding.

Chart. Daily GBP/USD

H4. There are 2 scenarios. According to the first one, we are now witnessing the formation of a corrective wave [4]. When it’s over, the upside movement in the wave [5] of V will resume as it’s shown at the picture. However, there’s a chance that the wave V is already complete. In this case the maximum won’t be renewed and we’ll see a decline in the near term.

Chart. H4 GBP/USD

Roman Petuchov for FX Bazooka

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