GBPUSD shows an incomplete bullish sequence from 9.26.2022 low and 3.8.2023 low favoring further upside. Near term, rally from 5.26.2023 low ended wave 1 at 1.2848 as a 5 waves impulse Elliott Wave structure. Up from 5.26.2023 low, wave ((i)) ended at 1.2545 and pullback in wave ((ii)) ended at 1.2367. Pair then rallied again in wave ((iii)) towards 1.2699, and dips in wave ((iv)) ended at 1.2626. Final leg higher wave ((v)) ended at 1.2848 which completed wave 1.
Pullback in wave 2 is now in progress to correct cycle from 5.26.2023 low. Internal subdivision of the pullback is unfolding as a double three Elliott Wave structure. Down from 6.16.2023 high, wave (a) ended at 1.269 and wave (b) ended at 1.2842. Wave (c) lower ended at 1.2682 which completed wave ((w)). Rally in wave ((x)) is in progress as a zigzag where wave (a) ended at 1.2749 and wave (b) ended at 1.2687. Expect wave (c) to end below wave 1 at 1.2848 and pair to turn lower in wave ((y)) as a zigzag structure to complete wave 2. Then as far as pivot at 1.236 low stays intact, expect pair to find support in 7 swing for further upside.
