Elliott waves analysis – GBP/USD. Silence and calmness are likely to persist.

The situation with the considered pair did not undergo any significant changes during the past trading day. The price, without much enthusiasm, sluggishly declined, indicating the continued development of the correction, which is likely to persist for some time.

Therefore, it is unlikely that we should expect any significant directional movements for now. The pair may get stuck in this „swamp“ for quite a while. Signals can be sought when there is an update to the current local minimum, as the current situation suggests the development of a downward impulsive movement.

Until then, it is recommended to remain a neutral observer, refraining from taking any active trading actions.