Short term Elliott Wave view in GBPUSD shows that rally to 1.2816 ended wave (4). Internal of that rally unfolded as a triple three Elliott Wave structure. Up from wave (3) at 1.2476 on 12.12.2018 low, Wave W ended at 1.2687 and wave X ended at 1.2528. Rally to 1.2739 then ended Wave Y, second wave X ended at 1.2614, and wave Z ended a 1.2816. Decline from there is currently unfolding as a zigzag Elliott Wave structure. A zigzag has 5-3-5 structure and pullback to 1.2437 ended Minute wave ((a)). Internal of wave ((a)) unfolded as 5 waves impulsive Elliott Wave structure.
Down from 1.2816, Minutte wave (i) ended at 1.2717, Minutte wave (ii) ended at 1.2773, Minutte wave (iii) ended at 1.258, Minutte wave (iv) ended at 1.2616, and Minutte wave (v) ended at 1.2437. Near term, expect pair to correct decline from 12/31 high (1.2816) within Minute wave ((b)) in 3, 7, or 11 swing before the decline resumes. We don’t like buying the pair with the right side tag showing lower and expect sellers to appear and pair to extend lower as far as pivot at 1.2816 stays intact.
GBPUSD 1 Hour Asia Elliott Wave Chart
