Elliott waves analysis – GBP/USD. Pound to Attempt a Rise.

Unlike the euro, the pound failed to provide a smooth corrective decline, surrendering all initiative to the American currency. As a result, this led to a fairly strong decline and the development of a deep retracement. This may be all there is to it, especially considering the bullish situation with the euro.

Thus, it can be assumed that the British pound will make a successful attempt to rise, leading to the renewal of the local maximum, as indicated on the provided chart.

In this regard, it is recommended to initiate cautious buying at the current market values.