Elliott waves analysis – GBP/USD. The Price Retains Good Chances for Impulsive Growth.

The British pound failed to establish a confident directional upward movement. After barely updating the local maximum, thereby activating a buy signal, the price sharply declined but not significantly. Buyers promptly caught the price near the level where this last, current rise began.

However, overall, the situation remains the same. Impulsive growth is still expected, driven by the formation of wave 3 of [v]. All recent attempts to rise seem to have formed an initial diagonal triangle.

Therefore, the potential for growth indeed looks quite good, and it’s not advisable to refrain from entering into buying positions.