Elliott waves analysis – GBP/USD. Buyers are seizing the initiative.

At the moment, a very clear and understandable wave pattern has developed for the trading pair under consideration. As expected, on the final trading day of the past week, the price was busy developing the last wave of the downward impulse, which is part of wave [c], which is part of a large bearish zigzag.

Thus, there is a good opportunity for the beginning of movement in the opposite direction. Probably, the initiative will shift to buyers, which will lead to the beginning of an upward impulsive movement. Being at the very beginning of this expected movement, it is worth considering the possibility of concluding buy transactions at current market values.