Elliott waves analysis – GBP/USD. The downward movement is put on a correctional pause.

The rapid decline in the pair, similar to EUR/USD, has paused. But this does not mean that a reversal will occur soon and the British currency will start to rise. Most likely, we will see a correction in the near future, leading to a slight increase. This is due to the formation of wave 4 in the downward impulse, which is part of the correction, specifically its wave [c].

Thus, the downward phase of the price movement is temporarily put on a correctional pause, after which the decline will continue and lead to another update of the current price minimum.

It is not recommended to open any positions in this situation.