Elliott waves analysis – GBP/USD. Pound in an attempt to grow within correction.

The situation with the renewed decline does not look so tragic for the considered pair. The estimated correction may well develop in this way. The price will approach the previously established local minimum and will try to start growing from these price values.

But even this movement seems to be corrective. A retest of the broken level, which is a trend line, as well as the lower forming of the estimated final diagonal triangle, is possible. This can be a signal to start concluding transactions for sale, but until that moment, you can try to carefully buy on a rebound from the local minimum. Investment idea: buy 1.2580, stop loss 1.2550, take profit 1.2700.