GBPUSD Short Term Elliott Wave view suggests that the rally from 16 December 2017 low is unfolding as 5 waves impulse Elliott Wave structure. Up from 16 December 2017 low (1.33), Minor wave 1 ended at 1.3613, Minor wave 2 ended at 1.3456, Minor wave 3 ended at 1.3943, and Minor wave 4 ended at 1.3797. Minor wave 5 is currently in progress also as an impulse Elliott Wave structure.
Up from 1.3797, Minute wave ((i)) of 5 ended at 1.3945 and Minute wave ((ii)) of 5 ended at 1.3838. As far as pivot at 18 January 2018 low (1.3797) stays intact, expect the pair to extend higher a few more legs within Minor wave 5 of (3). Afterwards, pair should pullback in Intermediate wave (4) to correct cycle from 15 December 2017 low (1.33) in 3, 7, or 11 swing before the rally resumes. We do not like selling the pair.
GBPUSD 1 Hour Elliott Wave Chart
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