Elliott waves analysis – GBP/USD. The situation remains stable.

While the euro is making efforts, albeit unsuccessful ones, to improve its position, the British pound calmly awaits the right moment to either sharply improve or worsen its position.

Throughout the current month, the price has been trading within a specific range, and this sideways movement is considered as corrective wave 2 in the emerging downtrend. This is due to the previously formed corrective rise in the form of a double zigzag.

The time for confirmation or cancellation of the considered scenario is approaching. In this situation, all that remains is to wait. Opening sell positions, as we are considering a bearish outcome, should be done on a breakout of the indicated level.