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GBPUSD Elliott Wave Analysis: Short Term Upside Target to 1.24 Area

GBPUSD is showing a 5 swing bearish sequence from 12/6 peak (1.277) which favors more downside. The decline from 12/6 peak is unfolding as a double three where wave (W) ended at 1.2198 and wave (X) ended at 1.2432. GBPUSD has since broken below wave (W) at 1.2198 which suggests that the next leg Wave (Y) has already started to the downside. Internal of wave (Y) is unfolding as a double three where wave W ended at 1.2037 and wave X bounce is in progress as a double three and can reach as high as 1.24 area before pair resumes the decline lower towards 1.172 - 1.185 area or at least pullback in 3 waves. If pivot at 1.2432 fails in the bounce, then pair has ended cycle from 12/6 high (1.277) and would correct a larger degree in 3, 7, or 11 swing and open extension higher.

GBPUSD 1 Hour

GBP/USD Short-Term Elliott Wave Analysis Chart
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