FX.co ★ Wave Wisdom: Mastering the Art of Wave Marking in Forex!

For the GBP/USD pair, so far everything is going according to plan, everything is going as it should. The pair made a pullback last week and turned south again. I think the pullback was in the second of (C), and we started the third of (C), although this is not certain yet. Ideally, we should make a lower low in (C), which is at the current low, then we’ll confirm it. But everything points to the fact that we now have a downward impulse; it’s unlikely to be some kind of corrective wave (a). Most likely we have the first of the third of (C), especially since there is a clear five-wave structure, and now the pair is moving in the fifth wave of this first of the third. Today I’m expecting the completion of the fifth of the first of three of (C), then a pullback into the second of the third of (C), and in the coming days, by the end of the week for sure, I’m expecting a move down into the third of three of (C).