GBPUSD: Is Cable`s Consolidation Complete Yet?!

This week`s main count expects that Cable has more to offer upwards in a corrective manner to complete wave (b) green.

On the other hand, the alternate count expects that wave (c) green is incomplete and that it is unfolding downwards.

As always we will wait for either counts confirmation point to be reached to determine the highly probable count.

Main Count

- Invalidation Point: 1.4515 -- 1.4057
- Confirmation Point: 1.4183
- Upwards Targets: 1.4233 -- 1.4285 -- 1.4339
- Wave number: (b) green
- Wave structure: Corrective
- Wave pattern: ُZigzag

Alternate Count

- Invalidation Point: 1.4183 -- 1.3835
- Confirmation Point: 1.4057
- Downwards Targets: 1.4010 -- 1.3956 -- 1.3902
- Wave number: (c) green
- Wave structure: Motive
- Wave pattern: ُImpulse/Ending diagonal

Main Wave Count

Before delving into the main count, we should notice that we labeled the latest downwards movement as a (a), (b) and (c) green within wave x pink. It is technically possible that the downwards leg labeled wave (a) green, can be labeled as wave i orange within wave (a) green. However, we will remain cautious and we will update that downwards movement as it unfolds.

This count expects that wave 1 blue is complete as an impulse labeled waves i through v pink with wave v pink unfolding as an impulse labeled waves (i) through (v) green.

Within minor wave 2 blue, wave w pink is complete and that wave x pink has started unfolding downwards.

Wave w pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Wave (a) green unfolded as an impulse labeled waves i through v orange.

Wave (b) green unfolded as an expanded flat correction labeled waves a, b and c orange.

Wave a orange unfolding as a zigzag labeled waves A, B and C purple.

Wave b orange unfolded as a zigzag labeled waves A, B and C purple.

Wave c orange unfolded as an impulse labeled waves 1 through 5 purple.

After the completion of wave (b) green, wave (c) green unfolded as an impulse labeled waves i through v orange.

This count expects that within wave x pink wave (a) green is complete as an impulse labeled waves i through v orange and that wave (b) green has started unfolding upwards in a corrective manner.

This count would be confirmed by movement above 1.4183.

At 1.4233 wave (b) green within wave x pink would reach 0.382 of wave (a) green and at 1.4285 wave (b) green would reach 50 % of wave (a) green and at 1.4339 wave (b) green would reach 0.618 of wave (a) green.

This count would be invalidated by movement below 1.4057 as within wave (b) green no B wave may retrace more than 100 % of its A wave. As well this count would be invalidated by movement above 1.4515 as wave (b) green may not retrace more than 100 % of wave (a) green.

Alternate Wave Count

The difference between both main and alternate counts is within the subdivisions of wave x pink.

This count expects that waves (a) and (b) green within wave x pink are complete and that wave (c) green has started unfolding downwards.

This count would be confirmed by movement below 1.4057.

At 1.4010 wave (c) green would reach 0.382 of wave (a) green and at 1.3956 wave (c) green would reach 50 % of wave (a) green. The final target is at 1.3902 as at that level wave (c) green would reach 0.618 of wave (a) green.

This count would be invalidated by movement above 1.4183 as within wave (c) green no second wave may retrace more than 100 % of its first wave and as well this count would be invalidated by movement below 1.3835 as wave (c) green may not retrace more than 100 % of wave (a) green.

We may also wish to keep an eye on the daily update GBP USD Forecast.