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GBP/USD: Elliott waves (Dec. 2)

Weekly. The pair was continuously rising last week, and the wave [c] of B is at its end.

Chart 1. Weekly GBP/USD

Daily. A final upward impulse wave (V) is being currently formed. When it’s over, a downtrend will start.

Chart 2. Daily GBP/USD

H4. The market has to form waves [4] and [5] and the uptrend will be complete. Wave [4] will probably be sideways with a downward slope and wave [5] will be a rising impulse wave and renew highs of the wave [3]. You can see that at the picture.

Chart. H4 GBP/USD

Roman Petuchov for FBS

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