Elliott waves analysis – GBP/USD. The direction has changed again.

The British pound also failed to gain momentum. The growth was abruptly halted, and the price significantly declined. Now the situation favors a downward movement, likely due to the formation of a correction. Thus, wave [ii] will continue to develop. The assumption that it had taken the form of a converging horizontal triangle turned out to be incorrect. More likely, the converging triangular structure is the initial diagonal, followed by corrective growth in the form of a simple zigzag. Therefore, the current movement will be impulsive and lead to the renewal of the current local minimum. In light of this, it is worth considering sell positions.