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Back Wave analysis
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Back Wave analysis
GBP/USD Analysis – May 6th: The Pound Ignores the BoE
The wave structure for the GBP/USD
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The wave structure for the GBP/USD pair has also transitioned into a bullish, impulsive formation—"thanks" to Donald Trump. The wave picture is nearly identical to that of EUR/USD. Prior to February 28, we were observing a convincing corrective structure that posed no major concerns. However, demand for the U.S. dollar then began to decline sharply. The result was the construction of a five-wave upward structure. Wave 2 took a single-wave form and is now complete. Consequently, we can expect a
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