Elliott waves analysis – GBP/USD. Possible bearish scenario.

The pound, unlike the euro, holds much more confidently and currently does not allow the dollar to significantly push down its exchange rate. However, it has not been able to grow either. Due to the possible impulsive decline in the euro, it makes sense to consider the option of a decline in the pound against the dollar.

The upward movement observed over the last two months may be a correction, representing a double zigzag within wave (b). In the near future, we may witness an impulsive decline caused by the development of wave c, if we are dealing with a significant flat. Alternatively, if it’s a double zigzag, the decline will be a three-wave model.

There are currently no good levels for trading transactions, so it is recommended to stay out of the market and observe how events unfold.