Elliott waves analysis – GBP/USD. The price may enter a sideways phase for an extended period.

The situation with the considered currency pair is unfolding as anticipated. Currently, the formation of a correction is presumed, so in the near future, one should not expect any significant directional movement.

There is a high probability that we will witness a decrease in volatility, leading to the development of a sideways trend. The price is likely to trade within a narrow price range for some time before initiating an impulsive decline, during which a renewal of the October lows from the previous year is expected.

Therefore, it is recommended to wait for the completion of the correction development before seeking entry points for selling positions.