GBPUSD closed at the highs last week so pair is back in bullish mode that is now pointing to a new high. In fact, a reversal from 1.5850 can be counted in five waves so our bias is up, but we expect a corrective retracement back to 1.6070 in three legs before uptrend resumes.

GBPUSD Elliott Wave 4h

On Daily Chart GBPUSD has been trading higher last week and is not approaching to former high so it seems that recent decline was corrective, just another B wave within incomplete complex recovery from July low. We are tracking wave E), final leg of a big triangle on a weekly level that could stop around 1.6400-1.6600 zone.

GBPUSD Elliott Wave Daily # Count 1

Another, second scenario for GBPUSD is showing an impulsive rally, but bias for the near future are the same; new high to 1.64-1.66 and then reversal after completed five waves.

GBPUSD Elliott Wave Daily # Count 2

Written by www.ew-forecast.com