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Trader, analyst and instructor with a 6-year experience

GBP/USD: Elliot wave analysis

Weekly. The cable keeps forming a wave flat in the wave [B]. The pair is likely to extend the upside in the coming weeks. 

Chart. Weekly GBP/USD

Daily. The wave IV seems to have constructed. Bullish trend is now likely to continue in the wave V. 

Chart. Daily GBP/USD

H4. The wave [C] of IV is fully filled by the waves of the lower price level. That's why the pair is likely to reverse and to begin the construction of the wave V. If this is the case, the maximum will be renewd in a week. There is also an alternative bearish layout.

Chart. H4 GBP/USD

Roman Petuchov for FBS

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