Elliott Wave Analysis of the GBP/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The British Pound (vs. the US Dollar) has carved out what appears to be a completed expanded flat for wave 2 black, where wave B blue was 1.382 times the length wave A blue traveled, and the extreme of wave C blue, if it has concluded, ended at 1.618 times the length wave A blue was. (On the chart it says C = “B” * 1.618, which is a typo).

These Fibonacci ratios are absolutely textbook proportions within a completed expanded flat, leading me to believe that strong downward movement may be about to resume.

Sid
http://elliottwavepre.wpengine.com