GBP/USD - Weekly Elliott Wave Forecast | Potential B-Wave Trap!

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Pattern: Completed 5-Wave Impulse + ABC Zigzag Correction
Current Price: 1.3056
Forecast: Bearish B-Wave Reversal Incoming?

Technical Breakdown:

Major impulse from 2007 to 2022 marked as 1 to 5

A corrective ABC move completed at the key resistance zone

Price currently facing rejection from the C wave top

High probability of a B-Wave trap forming before a drop to the 1.14 zone

Strong confluence with historical structure and Fibonacci retracement


Next Move:
Watch for a weekly candle close below 1.28 to confirm the reversal. Bears may target the 1.14 zone in the next leg down.

Wave Structure Visualized (Top-Right Inset):
Shows possible B-Wave drop before bullish C continuation — a perfect trap zone for early bulls.

Trade Plan:

Short bias below 1.30 with SL above 1.32

Target: 1.18–1.14 zone

Re-assess price action near 1.14 for long opportunities


Stay Sharp, Stay Green!

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