25 October 2024
The Great British Pound vs. USD Weekly Chart
By: Hossein Gholami

According to Elliott Wave analysis, the British Pound (GBP) has completed waves 1 through 3 from the low on April 21, 2024, to the high on September 22, 2024, and is currently in the final stages of the corrective decline in wave 4. An anticipated robust ascent in wave 5 is on the horizon. Price-wise, the corrective phase is expected to conclude at the 62% or 79% Fibonacci retracement levels at prices of 1.293 or 1.279. Time-wise, the corrective decline is expected to conclude around November 13. Furthermore, the weekly chart's momentum is in the oversold area, providing additional evidence of the impending end of the decline. Trading strategy: Position for buying opportunities after the corrective decline.

#GBPUSD #forex #trading

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