Elliott waves analysis – GBP/USD: Further Development of the Corrective Decline.

The pound has predictably declined, and the price has updated the local minimum. The formation of the correction in the form of a simple zigzag could be considered complete at this point. However, from a harmonic perspective, the size of the correction does not correlate well with the formed upward impulse.

There is a possibility that the price might attempt to go even lower, either immediately or after consolidating within a narrow range for some time. Therefore, it is not advisable to consider this pair for active trading at the moment.

It is recommended to observe how the events unfold in the near future and then look for opportunities to enter a trading position.