Elliott waves analysis – GBP/USD. Weak sell signal.

Nothing significantly important happened during the past trading day concerning the considered currency pair. It seems that the development of the correction is ongoing, although the price is making another attempt to reach a local maximum.

It is thought that this intention of buyers may not materialize. A decline is expected in the near future, possibly as part of the forming correction, but there is a need for a move towards the local minimum.

In that case, you can consider selling at the level of 1.2725 with a target around the minimum of the current year – 1.2610.

The potential movement is small, but with the current reduced volatility, it should be sufficient in the current situation.