Elliott waves analysis – GBP/USD. Continuation of the third wave formation.

The GBP/USD pair is behaving in line with expectations, showing little change in the last trading session. The correction wave 2 appears to be almost complete, if not entirely, hinting at an imminent shift toward a bullish third wave.

The market seems to be holding back, waiting for the completion of the correction phase before triggering a significant upward move. The expected continuation of the bullish trend should follow the formation of the third wave, which typically exhibits greater strength than its predecessors.

Given this, traders can prepare for an aggressive uptrend by entering buy positions at the indicated level of 1.2700, with a conservative stop loss of 1.2675, targeting a profit of 1.3100.