Elliott waves analysis – GBP/USD. The decline will resume after a slight corrective growth.

The situation for this pair is also developing under the strict control of the US dollar, the pressure from which is pushing the price lower and lower. Thus, an impulse is likely to be forming, which is an integral part of the correction, which is a zigzag. This impulse itself presumably takes the role of the final part of this model, namely wave [c].

In this case, after its completion, a reversal and prolonged growth are expected. But that’s later, now the potential of corrective decline has not been fully worked out. In the near future, a slight corrective growth is expected, followed by a final attack by sellers. The expected price movement pattern is shown on the chart.

Thus, it is still possible to keep the previously opened sell transactions active. With the opening of new ones, it is worth waiting a bit.