After forming the low on September 26, 2022 low, GBP/USD shows an incomplete higher high bullish sequence. This suggests the right side is higher and dips therefore should see support in 3, 7, or 11 swing. The pair is currently correcting cycle from 10.4.2023 low. Internal subdivision of the correction is unfolding as a double three Elliott Wave structure. Down from September 26, 2024 peak, wave W ended at 1.3089 and wave X ended at 1.3175 as 1 hour chart below shows.

Pair has resumed lower in wave Y with internal subdivision as a double three in lesser degree. Down from wave X, wave (a) ended at 1.3019. Wave (b) rally ended at 1.31 and wave (c) lower ended at 1.297. This completed wave ((w)) in higher degree. Bounce in wave ((x)) ended at 1.307 with internal subdivision as zigzag. Up from wave ((w)), wave (a) ended at 1.302 and wave (b) ended at 1.297. Wave (c) higher ended at 1.307 which completed wave ((x)). Pair has resumed lower in wave ((y)). Near term, as far as pivot at 1.3175 stays intact, pair has scope to see further downside. Potential support below is at 100% – 161.8% Fibonacci extension of wave W. This area comes at 1.262 – 1.283.

GBP/USD 60 minutes Elliott Wave chart

GBP/USD Elliott Wave [Video]

 

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD holds steady above 1.0800, looks to post weekly losses

EUR/USD holds steady above 1.0800, looks to post weekly losses

EUR/USD trades marginally higher on the day above 1.0800 after the data from the US showed that Durable Goods Orders declined by 0.8% in September. Nevertheless, the pair remains on track to close the fourth consecutive week in negative territory.

EUR/USD News
GBP/USD extends recovery to 1.3000 area

GBP/USD extends recovery to 1.3000 area

GBP/USD extends its recovery and trades at around 1.3000 in the American session on Friday. The US Dollar struggles to gather strength as the market mood remains positive heading into the weekend, allowing the pair to hold its ground.

GBP/USD News
Gold fluctuates in narrow range below $2,750

Gold fluctuates in narrow range below $2,750

Gold stays in a consolidation phase and fluctuates in a relatively tight range below $2,750 on Friday. US Treasury bond yields stabilize in the American session, making it difficult for XAU/USD to gather directional momentum.

Gold News
Crypto Today: XRP, Bitcoin and Ethereum decline as Ripple files response to SEC appeal

Crypto Today: XRP, Bitcoin and Ethereum decline as Ripple files response to SEC appeal

XRP loses over 1.30% as Ripple's executive confirms the filing of an important document in the appeals process in the SEC lawsuit. Bitcoin corrects less than 1% and sustains above $67,500. Ethereum is down nearly 0.20%, holding above the key support level of $2,500.

Read more
US elections: The race to the White House tightens

US elections: The race to the White House tightens

Trump closes in on Harris’s lead in the polls. Neck and neck race spurs market jitters. Outcome still hinges on battleground states.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Majors

Cryptocurrencies

Signatures