Elliott waves analysis – GBP/USD. The weekly chart indicates the development of an extended correction.

The British currency, on the weekly chart, like the Euro, is forming series of three-wave combinations. Overall, there is a noticeable gradual decline that began in 2007. At the moment, in my opinion, all of this represents a complex corrective structure, forming a triple zigzag. The third zigzag z is not yet formed, indicating that another downward leg in price is likely to be constructed.

The current rise in the pair is probably part of wave b of z. It is expected to continue its development, suggesting that we may see some price fluctuation within the range of 1.1400-1.3300, followed by a decline in the form of a simple zigzag. As we can see, the growth in the considered pair seems less promising than in the case of the Euro. However, this is also concerning, as there is unlikely to be a significant decoupling between GBP/USD and EUR/USD.