Elliott waves analysis – GBP/USD. The Pound Attempts to Regain Lost Ground.

The primary scenario for the GBP/USD pair remains bullish. According to this scenario, the current correction, which takes the form of a simple zigzag, is nearing completion. It was intended to be a response to the previously formed upward impulse movement with a final diagonal triangle as wave [v].

The correction turned out to be shallow, indicating potentially strong buying pressure. However, confirmation is needed, although I would recommend cautious buying now.