Elliott waves analysis – GBP/USD. Development of the Third Wave of the Upward Impulse is Expected.

While the euro faced strong pressure and retreated slightly, the pound traded relatively calmly, maintaining its previously reached levels. It is likely that we are currently observing a correction on smaller time frames.

In the near future, we may see the resumption of an upward directed movement, driven by the formation of wave [iii] of the upward impulse. There is also a possibility that this wave will extend, making the movement much more prolonged and interesting for buying opportunities.

Therefore, it is recommended to consider entering long positions at the current market levels.