Elliott waves analysis – GBP/USD. Buyers are in Control.

Buyers are in control of the situation. An attempt to push them back with full force from the sellers proved unsuccessful. After a slight dip, the British currency straightened up and managed to set a new local maximum. In the near future, this trend is likely to continue, and we may see a new local extreme. However, it’s unlikely to climb significantly higher. The impulsive structure is losing momentum, which means that after the final surge, a corrective phase will begin.

Therefore, it’s not recommended to open any trading positions at the moment. It’s better to observe the developments and wait for a favorable moment for trading.