FX.co ★ dusty24 | GBP/USD

Hello traders! So, analyzing the GBP/USD pair on the hourly chart (H1), we can see that the main scenario suggests a continuation of the corrective decline. This decline is considered as the final wave within the descending "double zigzag" structure y(ii). In a broader context, this formation may indicate the formation of a large downward trend, but there is currently insufficient data for definitive conclusions.

An alternative scenario suggests that the downward correction has already been completed. However, a comprehensive multi-timeframe analysis, combining Elliott Wave Analysis (EWA), the MACD indicator (histogram), exponential moving averages (Smoothed) with periods of 55, 89, and 144, as well as an assessment of the probability of different wave models being realized, indicates a low probability of an upward movement ("northern scenario"). Complex upward structures that could form such a scenario are rare.