GBP/USD: Elliott waves (Dec. 16)
Weekly. The pair may have completed the wave [c] of B. In the near future is expected to fall within the new downward wave.
Chart. Weekly GBP/USD
Daily. Here’s the detailed layout. The structure of the last section can be seen in greater detail on H4.
Chart. Daily GBP/USD
H4. The wave (V) took form of an impulse with a powerful wave III. The wave IV, as expected, represented a complex correction in the form of a flat market with a downward bias. The wave V broke above the previous high of the wave III. Now we are seeing construction of a downward impulse wave . In the near term it will be complete and the market will start to rise in the correctional wave .
Chart. H4 GBP/USD
Roman Petuchov for FBS