Elliott Wave View: GBPUSD More Upside Expected

GBPUSD Short Term Elliott Wave view suggests that rally from 16 December 2017 low is unfolding as 5 waves impulse Elliott Wave structure. Up from 16 December 2017 low (1.33), Minor wave 1 ended at 1.3613, Minor wave 2 ended at 1.3456, Minor wave 3 ended at 1.3943, and Minor wave 4 ended at 1.3803. Pair has broken above Minor wave 3 at 1.3943, confirming that Minor wave 5 higher has started.

Internal of Minor wave 5 is unfolding also as a 5 waves impulse where Minute wave ((i)) ended at 1.3945 and Minute wave ((ii)) ended at 1.3838. As far as pivot at 18 January 2018 low (1.3803) stays intact, expect the pair to extend higher to end Minor wave 5 of (3) towards 1.40s area. Afterwards, pair should pullback in Intermediate wave (4) to correct cycle from 16 December 2017 low in 3, 7, or 11 swing before the rally resumes. We do not like selling the pair.

GBPUSD 1 Hour Elliott Wave Chart