Elliott waves analysis – GBP/USD. Possible Correction Development.

The pound managed to update its local maximum once again, without significantly upsetting the dollar, as there is no strong selling pressure on the price apparent at the moment. However, the upward movement has paused. It is unlikely that we will see a continuation of the rally in the near future. A correction is expected, which may become the fourth wave in the elongating wave 3.

The anticipated price movement trajectory is indicated on the chart. The probability of further growth within the development of waves 3 and 5 of [v] remains. However, as depicted on the chart, this growth is likely to be accompanied by significant pullbacks. Therefore, it is advisable to partially or fully close previously opened long positions.