Elliott waves analysis – GBP/USD. Wave [c] in a bearish zigzag is expected to develop.

The British currency is not faring well against the US dollar. The pound, like the euro, is unable to cope with the pressure and is gradually losing its positions. However, while the euro has already updated its local lows, the pound is still holding within the expected wave [b]. This is likely temporary, and the exchange rate will soon decline.

This is due to the development of wave [c] in the zigzag that is presumably forming at the moment. This wave will develop in an impulse form, so the movement potentially looks very promising for selling transactions.