Trader, analyst and instructor with a 6-year experience

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 [1]. In the near term it will be complete and the market will start to rise in the correctional wave [2].

Chart. H4 GBP/USD

Roman Petuchov for FBS

Scroll to top