Elliott waves analysis – GBP/USD. The price is forming a correction.

The British currency also failed to rise and set a local maximum. Instead, the price moved even lower. It is likely that this marks the beginning of a correction, formed by the ascending impulse wave.

If this is indeed the case, we are unlikely to see any directional movement in the near future. The price will likely be tossed back and forth predominantly in a downward direction.

Attempting to catch anything in this local storm is dubious, so it is recommended to continue observing the situation from the sidelines and wait for a favorable moment to enter into a promising trading deal.