GBPUSD Elliott Wave View: Calling The Bounce Higher
GBPUSD Elliott Wave short-term sequence from 3/01 low (1.3709) ended as a Leading Diagonal structure in Minor wave 1 at 1.4248 high in 5 waves. Down from there, the pair is correcting that cycle in Minor wave 2 pullback in 3, 7 or 11 swings before it resumes the upside. So far pair is showing 3 swings back from the peak, which we are labeling as a Zigzag correction. Where Minute wave ((a)) ended with internal distribution of 5 waves at 1.4065 low and Minute wave ((b)) bounce ended in 3 swings at 1.4199 high.
Below from there, Minute wave (©) remain in progress with internal distribution of another 5 waves. Where Minutte wave (i) of (©) ended at 1.4133, Minutte wave (ii) of (©) ended at 1.4181. Then Minutte wave (iii) of (©) ended at 1.4059 and Minutte wave (iv) of (©) ended at 1.4095. And below from there, Minutte wave (v) of (©) remain in progress which has managed to reach the 100%-123.6% ext area of ((a))-((b)) already at 1.4018-1.3975 area. And soon as far as a pivot from 3/01 low (1.3709) remains intact pair is expected to resume the upside once again. We don’t like selling the pair into a proposed pullback and expect buyers to appear again at 1.4018-1.3975 for 3 wave bounce at least.
GBPUSD Elliott Wave 1 Hour Chart