Elliott waves analysis – GBP/USD. Expectations for upward movement in wave [v] remain.

The British pound against the dollar has declined and approached the minimum. This decline is still considered as the second wave in a potential upward impulse, which is part of the larger wave [v].

However, even if the local maximum is updated, the chances of realizing the considered scenario will remain. The only change would be in the form of corrective wave [iv]. Nevertheless, opening trades at the current market values ​​is quite risky, so it is advisable to wait for the price to meet the minimum requirements to increase the chances of a favorable outcome.

One such requirement could be the breach of the level at 1.2620. For added safety, waiting for a breakthrough of the local maximum level at 1.2690 could further reduce potential profit.