Elliott waves analysis – GBP/USD. A downward corrective structure is likely being developed.

Sterling also cannot cope with the confident strengthening of the dollar. This leads to a gradual continuation of the downward movement. In general, the situation begins to resemble a major correction, which is likely to take the form of a simple zigzag, within which wave [b] will form in the form of a horizontal triangle.

To confirm this model, the price needs to rise in the near future, as it is currently located on the lower limit. Then, in the near future, we may see a certain buyer activity, which will lead to growth to the upper limit of the proposed model.

However, there is no need to rush into making any trading decision; it is better to wait for some time and watch how events unfold.