Technical Elliott Wave analysis points to a short-term recovery for GBPUSD, with the pair expected to complete a three-wave zigzag rally before returning to its primary downward trajectory.
The GBPUSD pair is currently exhibiting a corrective zigzag structure following its peak on August 21. Technical analysis indicates that after completing wave A at the 1.314 level, the pair is now engaged in a wave B recovery phase, which is anticipated to precede a resumption of the broader downtrend.
The pair is unfolding in a three-wave zigzag corrective structure following the August 21 high.
Wave A completed at the 1.314 level.
The GBPUSD pair is currently undergoing a corrective zigzag structure following its decline from the August 21 high. Technical analysis indicates that after completing an initial wave A at 1.314, the pair is now positioned for a wave B recovery before the broader downtrend resumes.
The analysis suggests that the pair is currently in a corrective three-wave zigzag rally following a decline from the August 21 high, which will likely precede a resumption of the downtrend.