GBP/USD has scope to extend lower in zigzag correction [Video]
|Short Term Elliott Wave view suggests decline from 7.14.2023 high is in progress as a zigzag structure. Down from 7.14.2023 high, wave (i) ended at 1.2797 and wave (ii) rally ended at 1.299. The pair then extended lower in wave (iii) towards 1.2619 and wave (iv) rally ended at 1.2819. Final leg lower wave (v) ended at 1.2615 which completed wave ((a)). The 1 hour chart below shows the wave ((a)) as a starting point. Wave ((b)) corrective rally then unfolded as a double three Elliott Wave structure. Up from wave ((a)), wave (w) ended at 1.278 and dips in wave (x) ended at 1.268. Wave (y) higher ended at 1.28 which completed wave ((b)) in higher degree.
Pair resumed lower in wave ((c)) with subdivision as a 5 waves impulse. Down from wave ((b)), wave i ended at 1.261 and wave ii rally ended at 1.273. The pair resumed lower in wave iii towards 1.256 and rally in wave iv ended at 1.265. Final leg wave v ended at 1.2547 which completed wave (i). Rally in wave (ii) is in progress as 7 swing double three to correct cycle from 8.22.2023 high before it turns lower. Near term, as far as pivot at 1.28 high stays intact, expect the pair to extend lower.
GBP/USD 60 minutes Elliott Wave chart
GBP/USD Elliott Wave video
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