Elliott waves analysis – GBP/USD. We continue to wait for the activation of the sell signal.

The scenario involving the development of the initial diagonal triangle seems to have been incorrect. The pound, following the euro, is attempting to improve its position against the dollar. While not very successful, it is managing to at least maintain previously achieved positions.

Presumably, at the moment, a correction is forming, taking the shape of a zigzag and representing wave 2 in an emerging downward impulse. Confirmation of this scenario still relies on the breakthrough of the current local minimum indicated on the chart.

Therefore, in the current situation, it is recommended to remain out of trading positions and wait for the signal to become active.