Elliott waves analysis – GBP/USD. Correction continues.

The attempt to resume the downward movement proved unsuccessful. The ensuing decline was quickly bought up, and it’s unlikely that buyers will stop there. However, the subsequent rise is expected to be modest and overall will likely result in the formation of a zigzag pattern.

Subsequently, a resumption of the pair’s decline is anticipated, during which the expected downward impulse in wave 3 will form.

In this situation, it is still recommended to wait for a breakout below the current local minimum before entering into selling positions.