Elliott waves analysis – GBP/USD. The Correction Continues.

For the pair in question, it appears that the development of corrective wave b, taking the form of a converging horizontal triangle, is ongoing. In the near term, a slight rise towards the upper boundary of this triangle is possible, after which wave b can be considered complete.

Following this, the price is expected to impulsively move downwards to form wave c of [ii]. At this point, the corrective decline may be fully completed, signaling the beginning of a new bullish phase, where the pound will strengthen and rise.

This is a preliminary scenario, and the actual outcome will become clearer in due time. For now, selling on the break of the local minimum can be considered.