Elliott waves analysis – GBP/USD. Wave 2 correction is about to finish soon.

Over the past trading day, no significant changes took place. The price essentially stayed put, suggesting that the correction is still in progress. This likely reflects the development of wave 2 within the emerging upward impulse.

If this is the case, a slight pullback is expected before the beginning of the third wave upsurge. Waiting for this dip could provide a favorable entry point for purchasing.

Currently, it is wise to observe the situation from the sidelines, refraining from hasty trading actions.