Elliott waves analysis – GBP/USD. Correction development will continue.

The situation with the pair is unfolding within the framework of the previously considered wave scenario. The formed upward movement is likely impulsive and represents the initial wave of a bullish impulse of a higher level. The observed decline is a correction, which is expected to take the form of a simple zigzag. Its development will likely take some more time, so expecting any directed price movement in the next trading day is unlikely.

For this reason, it is not recommended to try to open any trading positions. In this situation, it is worth waiting for the correction to complete and only then start buying with the goal of capturing the movement in the third impulsive wave.