Elliott waves analysis – GBP/USD. The price will continue to form a correction in the second wave of the emerging impulse.

Significant changes in the dynamics of this pair during the current trading day were absent. The pound attempted to rise, but it is likely that nothing substantial will come out of this. The correction phase is not yet complete and requires some time to properly develop, particularly to align well with the formed upward impulse.

Therefore, looking for trading signals in the near term is not recommended. Today, the price is likely to decrease slightly, which could mark the completion of wave 2 in the emerging upward impulse.

Thus, the upcoming trading day should be skipped while monitoring the situation without engaging in any trades.