Elliott Wave analysis: GBP/USD five swing advance from May 18 signals upside [Video]

The short‑term Elliott Wave outlook for GBPUSD indicates that the rally from the March 31, 2026 low is progressing as a five‑wave impulse. From that date, wave 1 concluded at 1.3658, followed by a corrective pullback in wave 2 that ended at 1.33. The pair then advanced in wave 3, establishing a clear impulsive structure. Within wave 1, wave (i) terminated at 1.345, while the subsequent pullback in wave (ii) ended at 1.337. The advance continued with wave (iii) reaching 1.346, before wave (iv) corrected to 1.342. The final leg, wave (v), pushed higher to 1.35, completing wave ((i)).

The correction in wave ((ii)) found support at 1.3367, and the pair has since resumed its upward trajectory in wave ((iii)). This development reinforces the bullish interpretation, as the five‑swing rally from the wave 2 low provides structural confirmation of the trend. From wave ((ii)), wave (i) advanced to 1.348 in a five‑swing sequence, while the corrective wave (ii) ended at 1.34 in a three‑wave pattern.

Near term, as long as GBPUSD remains above 1.33, dips are anticipated to attract buyers. Such retracements are likely to unfold in either three or seven swings, offering opportunities for renewed strength. The overall structure suggests that the pair retains a constructive bias, with higher levels favored as long as the key support at 1.33 holds.

GBP/USD 60-minute Elliott Wave chart

GBP/USD Elliott Wave [Video]