GBP/USD Elliott Wave bearish structure calls for further weakness [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

GBP/USD continues to show an incomplete bearish sequence from the January 27, 2026 high, keeping the bias tilted lower. The potential target can be measured using the 100% to 161.8% Fibonacci extension from that peak. This calculation defines a zone between 1.252 and 1.295, which remains the key area of interest for traders. The near‑term structure supports this view, as the decline from the May 1 high is unfolding as a five‑wave impulse. From May 1, wave 1 ended at 1.33, while the corrective rally in wave 2 concluded at 1.35. The pair then resumed its downward path in wave 3, reaching 1.314.

Wave 4 is now in progress and shows internal subdivision as a double three corrective structure. From the wave 3 low, wave ((w)) ended at 1.326, followed by a pullback in wave ((x)) that completed at 1.321. The pair then advanced in wave ((y)), which remains active and should extend further towards 1.33 to 1.34 before turning lower. This corrective rally is expected to be temporary, as the larger bearish sequence continues to dominate. As long as the pivot at 1.346 high stays intact, the rally should fail in seven swings and give way to renewed weakness. The overall technical picture reinforces the downside bias, suggesting GBPUSD is likely to extend its decline in line with the incomplete bearish sequence.

GBP/USD 60-minute Elliott Wave chart

GBP/USD Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD gathers strength to near 1.3300 on Burnham’s commitment to fiscal rules, NFP data loom

The GBP/USD pair gains traction to near 1.3290 during the Asian trading hours on Thursday. The British Pound strengthens against the US Dollar as the UK's likely next Prime Minister, Andy Burnham, has eased market concerns by pledging strict fiscal discipline. The US Nonfarm Payrolls data for June will take center stage later on Thursday.

EUR/USD nudges higher above 1.1350 on softer Fed stance, traders await US jobs data

The EUR/USD pair posts modest gains near 1.1380 during the early Asian session on Thursday. The US Dollar edges lower against the Euro on less hawkish remarks from Federal Reserve Chairman Kevin Warsh. Traders will closely monitor the US jobs data for June later on Thursday.

Gold finds acceptance above $4,000, but US NFP holds the key

Gold is looking to build on its previous recovery beyond the $4,000 mark early Thursday, with the next big move hinging on the critical US Nonfarm Payrolls data release.

Bitcoin recovers on Kevin Warsh optimism – Jupiter, Morpho lead rally

The broader cryptocurrency market is easing downside pressure, with US Federal Reserve Chairman Kevin Warsh's optimism about US growth driving Bitcoin above $60,000. Short liquidations outpace long liquidations over the last 24 hours, suggesting renewed near-term buying strength, while Jupiter and Morpho lead gains during the same period.

A preview of NFP

The number is of much greater importance than usual as the Fed moves away from a forecasting framework and towards a current-data/rebuilding-credibility framework. While I have been pooh-poohing Warsh’s hawkish opener, I am also open to the idea that if he is serious about rebuilding credibility, he can find enough hawkish votes, and if June NFP is another hot one—July FOMC could be in play.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.