Elliott waves analysis – GBP/USD. Pound intends to continue growing.

The situation developing in this currency pair does not quite fit the previously considered wave scenario, where the development of a horizontal triangle as wave [b] was assumed. Although the targets were met, there is no mood for the price to fall in the near future. Euro clearly intends to grow, and the pound is unlikely to fall during this period, especially since the previous markup suggested a very strong downtrend.

Given these doubts, the markup has undergone some changes. At the moment, it is assumed that wave [b] will continue its development. Moreover, this will not be a narrow sideways movement, but rather an impulsing upward trend on smaller time intervals.

Thus, the current situation is also recommended to be viewed as an opportunity to profit from purchases.