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GBPUSD Elliott Wave Analysis: More Downside While Below 1.2318

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. 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. The pair has since broken below 1.2317, suggesting that the next leg lower in wave ((y)) of (Y) has already started. Near term, pair is correcting the cycle from 1/12 high before turning lower again. We don't like buying the proposed bounce and expect sellers to appear once wave (x) bounce is complete in 3, 7, or 11 swing, as far as pivot at 1.2318 stays intact.

GBPUSD 1 Hour

GBP/USD Short-Term Elliott Wave Analysis Chart
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