Short term Elliott wave view in GBPUSD suggests that the cycle from February 24, 2021 peak is unfolding as a double three structure. While the initial decline to March 25, 2021 low ended wave ((W)) at $1.3668 low. Up from there, the pair made a recovery in wave ((X)) bounce to correct the cycle from the 2/24/2021 peak. The internals of that bounce unfolded as Elliott wave zigzag structure where wave 1 of (A) ended at $1.3731 high. Wave 2 ended at $1.3690 low, wave 3 ended at $1.3813 high, wave 4 ended at $1.3754 low, and wave 5 ended at $1.3847 high thus completed the first leg of the bounce in wave (A).

Down from there, the pair made a 3 wave pullback within wave (B) as a lesser degree zigzag structure where wave A ended at $1.3754 low. Wave B ended at 1.3783 high and wave C ended at $1.3705 low. Then the pair started the (C) leg higher as an ending diagonal structure where wave 1 ended at $1.3812 high. Wave 2 ended at $1.3744 high, wave 3 ended at $1.3852 high, wave 4 ended at $1.3809. And wave 5 ended at $1.3919 high after reaching the 100%-123.6% Fibonacci extension area of (A)-(B) at $1.3885- $1.3927 area. From where the pair saw sellers as expected & saw the minimum reaction lower. Near-term, as far as bounces fail below $1.3919 high then the pair is expected to resume lower. However, a clear break below $1.3668 prior wave ((W)) still needed to confirm the next extension lower & avoid double correction higher.

GBP/USD 1 Hour 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 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 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.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD falls toward 1.20 as the dollar gains further ground

EUR/USD is under pressure as the dollar gains ground across the board, amid a damp market mood. The euro fails to benefit from the European regulators' decision to reinstate the J&J vaccine.


GBP/USD remains pressured below 1.3950 amid mixed UK data

GBP/USD is trading below 1.3950, extending the pullback from its seven-week highs. The dollar benefits from the risk-off mood, while the pound struggles after CPI missed with 0.7% and as UK PM Johnson warns of winter covid wave.


Gold likely to face stiff resistance near $1795-$1800, focus on yields

Gold (XAU/USD) rebounded on Tuesday as the US Treasury yields tumbled alongside global stocks. Surging covid infections globally brought a reality check into the markets and triggered a fresh risk-aversion wave.

Gold News

Binance needs to breach this crucial supply barrier to set up record levels again

Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32. A close above the said level is a must if BNB bulls want to scale to new highs. Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

Bank of Canada is expected to leave its policy unchanged at 0.25%. Investors await adjustments to BoC’s asset-buying program. USD/CAD is likely to react more significantly to a dovish surprise.

Read more