Elliott waves analysis – GBP/USD. The price continues to prepare for an impulsive decline.

The decline in the considered pair appears to be not as significant as observed in EUR/USD. However, it’s possible that this is just the beginning. The current situation suggests that we might witness a strong downward movement with the renewal of current lows in the future.

This is because the upward movement that began at the end of September closely resembles a double zigzag, currently being considered. The observed decline may indicate the start of the development of a descending impulse, with Wave 1 currently forming. The presumed trajectory of movement is indicated on the above chart. As there is no expected directional movement in the near future, it is not recommended to consider this trading pair for trading.