Elliott waves analysis – GBP/USD. Corrective decline is expected.

The situation with this trading pair is currently clearer. During the last trading day of the past week, the development of another active upward wave occurred, leading to the completion of the upward impulse. Likely, this is the first wave in an emerging larger, in terms of the time frame, upward impulsive movement.

Then, in the near future, a price decline is expected, leading to the development of the next wave. It is assumed that the movement will take the form of a simple zigzag. The expected price movement scheme is indicated on the chart.

For trading in this situation, sell trades should be chosen.