GBPUSD continues to demonstrate a constructive bullish sequence from the November 5, 2026 low, favoring further upside potential. The rally from that low is unfolding in the form of an impulse Elliott Wave structure, which provides clarity on the ongoing trend. From November 5, wave ((i)) concluded at 1.3568, followed by a corrective pullback in wave ((ii)) that ended at 1.334. The internal subdivision of wave ((ii)) developed as a zigzag formation, with wave (a) finishing at 1.339, wave (b) rallying to 1.3495, and wave (c) declining to 1.334. This sequence completed wave ((ii)) at a higher degree and set the stage for renewed strength.
The pair has since resumed its advance in wave ((iii)), which is unfolding as another impulse of lesser degree. From the termination of wave ((ii)), wave (i) ended at 1.3491, while wave (ii) corrected to 1.34. The subsequent rally in wave (iii) reached 1.3869, and the pullback in wave (iv) settled at 1.3749. The structure suggests that the pair is poised to extend higher in wave (v), thereby completing wave ((iii)). Once this occurs, a corrective phase in wave ((iv)) should follow, addressing the cycle from the January 19 low before the broader rally resumes.
In the near term, as long as the pivot at 1.334 remains intact, dips are expected to attract buyers. These retracements are likely to unfold in 3, 7, or 11 swings, offering opportunities for continuation of the bullish sequence. The overall outlook remains constructive, with the technical framework supporting further appreciation in GBPUSD
