Short term Elliott Wave View in GBPUSD suggests that the cycle from 11.4.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 11.4.2022 low, wave ((a)) ended at 1.2029. Pullback in wave ((b)) unfolded as a zigzag structure in lesser degree. Down from wave ((a)), wave (a) ended at 1.1789 and rally in wave (b) ended at 1.1958. Wave (c) lower ended at 1.176 which completed wave ((b)). Wave ((c)) higher is currently in progress as a 5 waves impulse structure.
Up from wave ((b)), wave i ended at 1.1951 and dips in wave ii ended at 1.1776. Pair extends higher in wave iii towards 1.2154. Expect pair to pullback in wave iv then rally again in wave v to end larger degree wave (i). Afterwards, it should pullback in wave (ii) to correct cycle from 11.17.2022 low before the rally resumes in wave (iii). Near term, as far as 11.17.2022 pivot at 1.1761 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 161.8% Fibonacci extension from 11.4.2022 low which comes at 1.264 – 1.318 area.
GBPUSD 60 Minutes Elliott Wave Chart
