The decline in Pound Sterling from 4.15.2020 high is unfolding as a 5 waves impulsive Elliott Wave structure, Down from 4.15,2020 high, wave 1 ended at 1.2245 and bounce in wave 2 ended at 1.2643. Wave 3 is currently in progress as an impulse in lesser degree. Down from wave 2 at 1.2643, wave ((i)) ended at 1.2264 and bounce in wave ((ii)) ended at 1.2467. Pair then resumes lower in wave ((iii)) with subdivision as another impulse. Wave (i) of ((iii)) ended at 1.228, and bounce in wave (ii) of ((iii)) ended at 1.2378. Wave (iii) of ((iii)) ended at 1.2164, and wave (iv) of ((iii)) is proposed complete at 1.224.
Expect pair to extend lower in wave (v) of ((iii)) lower, then bounce in wave ((iv)) before another leg lower in wave ((v)). The 5 waves down should end wave 3 from 4.15.2020 high. Potential target for wave 3 is 161.8% extension of wave 1 which comes at 1.199. While pivot at 1.2467 high stays intact, expect rally to fail in 3, 7, or 11 swing for more downside
Pound Sterling (GBP/USD) 1 Hour Elliott Wave Chart
