Elliott waves analysis – GBP/USD. Continuation of the correction development.

The situation with the considered pair is also unfolding as expected. The price managed to rise, and the movement is viewed as a correction. This indicates that after its completion, we will see a continuation of the pair’s decline.

In general, this decline will be a continuation of the development of a double zigzag, taking on the role of its second part. This means that the decline will unfold in the form of a zigzag, and a zigzag, in turn, consists of impulsive waves.

Thus, in the current situation, it is necessary to wait for the completion of the current correction before starting to open sell positions with targets below the minimum point of wave (w).

While the correction is unfolding, it is recommended to stay out of the market and observe developments from the sidelines.