Elliott waves analysis – GBP/USD. An alternative bullish scenario is likely unfolding.

As the sentiment around the euro increasingly shifts towards bullish, it’s probable that we are also seeing an upward trend forming for the pound. An alternative scenario involves a bullish impulse, where the development of the corrective wave [iv] has likely concluded.

In this case, we are currently witnessing the beginnings of the final wave [v]. The overall picture appears well-structured, with alternation observed, deep correction in wave [ii], prolonged sideways movement in wave [iv], and elongation in wave [iii].

A good entry point for buying opportunities currently exists, so it’s recommended to take advantage of it.