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GBPUSD Elliott Wave Analysis: Bearish While Below 1.2432

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 proposed complete at 1.2317. Near term, while bounces stay below there, expect pair to resume lower towards 1.172 - 1.185 area. If pair breaks above 1.2317, then pair should open extension higher as a double three from 1/11 low and can reach 1.24 area before at least a 3 waves pullback.

GBPUSD 1 Hour

GBP/USD Short-Term Elliott Wave Analysis Chart
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