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GBP/USD: Elliot wave analysis

Weekly. Pound may have completed the construction of a correction wave [II]. The detailed layout is shown below.

Chart. Weekly GBP/USD

Daily. The waves [1] and [2] which represent the beginning of downward momentum are complete.

Chart. Daily GBP/USD

H4. Presumably the wave [2] took the form of a Zigzag. It looks complete. If the layout is correct, in the near future we can expect a decline.

Chart. H4 GBP/USD

Roman Petuchov for FX BAZOOKA

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