Elliott waves analysis – GBP/USD. The pound may resume its upward movement.

The situation with the considered pair is currently unfolding within the framework of the previously analyzed wave scenario. After a slight update of the maximum, the price quickly reversed and moved in the opposite direction. This decline is likely due to the formation of the fourth wave of the emerging terminal diagonal triangle, which is also part of wave c of [y] of (x). The mentioned corrective wave appears almost complete.

If this is indeed the case, we can expect a resumption of the upward movement in the near future, during which the entire wave model will be completed. A reversal and an extended decline are anticipated thereafter.

But that’s for later; for now, one can consider the possibility of buying in the final wave of the terminal diagonal triangle.