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Elliott Wave Intraday Analysis on GBPUSD Shows 5 Waves Bullish Impulse
Elliott Wave view on (GBPUSD) suggests that rally from 10.4.2023 low takes the form of an impulsive structure. Up from 10.4.2023 low, wave (1) ended at 1.2828. Correction in wave (2) unfolded as an expanded flat Elliott Wave structure. Down from wave (1), wave A ended at 1.2519 and wave B ended at 1.2894. Down from there, wave C subdivided into 5 waves. Wave ((i)) ended at 1.2538 and wave ((ii)) ended at 1.2709. The 60 minutes chart below shows the move lower in wave C from wave ((ii)) high.
Pair then extended lower in wave ((iii)) towards 1.2405 and rally in wave ((iv)) ended at 1.2485. Final leg wave ((v)) ended at 1.23. This completed wave C of (2) of the expanded flat. The pair has turned higher in wave (3), and the rally shows a promising 5 waves impulse in short term. Up from wave (2), wave (i) ended at 1.236 and wave (ii) ended at 1.233. Wave (iii) higher ended at 1.2465 and wave (iv) pullback ended at 1.242. Expect wave (v) of ((i)) to complete soon. Pair should then pullback in wave ((ii)) to correct cycle from 4.22.2024 low before it resumes higher. Near term, as far as pivot at 1.23 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
GBPUSD 60 Minutes Elliott Wave Chart
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.