GBPUSD resumes the bullish cycle from the blue box to give sellers warnings. The pair is still within an incomplete bullish cycle from from September 2022. This blog post shares the setup that gave the Elliottwave-Forecast members the clues on where to buy.
GBPUSD has been on a bullish cycle since October 2022, albeit a corrective one. This bullish cycle is correcting the long-term sell-off from November 2007. If not correcting the cycle from such a long time, then it is at least correcting the bearish run from May 2021. From the low of September 2022, where this cycle started, we expect a 3-swing bounce first and possibly a 7-swing later. Meanwhile, the 3-swing bounce has not yet reached the extreme. Thus, buyers should continue to dominate from the dip. That’s the short to medium-term idea our charts are showing to members. In a bullish sequence like this, we like buying pullbacks in 3, 7, or 11 swings from the blue box. Conversely, we like selling 3, 7, or 11-swing bounces from the blue box when the sequence is bearish.
In this post, we are going to look at the most recent long setup members took from the blue box. From the low of September 2022, we already counted a 5-3 of a proposed 5-3-5 completed. The 5-waves rally finished on 10th July 2023. Afterwards, a 3-wave flat structure corrected it and finished on 13th January 2025. From the low of January, we expected another 5-waves structure for the 3rd leg of the cycle from September 2022, to complete the 5-3-5 corrective cycle. On the shorter cycles, we counted waves (1) and (2) of the proposed impulse sequence for the 3rd leg as completed. The price then breached above the previous high. Thus, we alerted members to buy the 3/7 or 11-swing pullback at the blue box
GBPUSD Bullish Setup – 13th May 2025 Update
GBPUSD, H1
On 13th January 2025, we shared the GBPUSD H1 chart above. In the previous days, we shared charts that showed the price before it entered the blue box. At the blue box, members went long with a stop below 1.31. Additionally, we shared how to manage the trade with members in our daily live trading room and daily analysis videos.
GBPUSD Bullish Setup – Later on 13th May 2025
GBPUSD, H1
We shared the chart above with members later on 13th May. The chart shows a fast bullish reaction from the blue box that put buyers in profit. Members have already closed half of their position in profit and are holding the rest to capture more gains if wave 3 pushes for an impulse, as we expect. You can also join us to trade the blue box on 78 instruments.
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