$GBPUSD broke above previous peak on 1.23.2023 high at 1.2448 and now shows a bullish sequence from 9.26.2022 low. Cycle from 3.8.2023 low is currently in progress as a 5 waves impulse Elliott Wave structure. Up from 3.8.2023 low, wave (i) ended at 1.2204 and pullback in wave (ii) ended at 1.2009. Pair extends higher in wave (iii) towards 1.2344, and dips in wave (iv) ended at 1.2189. Final leg higher wave (v) ended at 1.2423 which completed wave ((i)).
Wave ((ii)) pullback ended at 1.2271 as the 1 hour chart below shows with internal subdivision as a zigzag. Down from wave ((i)), wave (a) ended at 1.2352, wave (b) ended at 1.2397 and wave (c) lower ended at 1.2271. Pair has resumed higher in wave ((iii)) towards 1.2525 as an impulse. Up from wave ((ii)), wave (i) ended at 1.2426 and wave (ii) ended at 1.2394. Wave (iii) ended at 1.2521, pullback in wave (iv) ended at 1.2465, and final leg wave (v) ended at 1.2525 which completed wave ((iii)). Pullback in wave ((iv)) is in progress as a double three structure. Down from wave ((iii)), wave (w) ended at 1.243 and wave (x) ended at 1.2479. Expect wave (y) to extend lower to 1.233 – 1.2386 blue box area where buyers should appear for further upside.
