GBPUSD Elliott Wave View: Calling For More Downside

Hello Traders,

In this short-term analysis, we will have a look GBPUSD.

Short-term Elliott wave view suggests that the rally to 1.3217 high ended red wave 2 bounce. Down from there, red wave 3 was taking place as impulse structure with lesser degree cycles are showing sub-division of 5 waves structure lower in it’s each leg lower i.e black wave ((i)), (( iii 0.00% )) & ((v)). While the sub-division in black wave ((ii)) & ((iv)) unfolded in 3 wave corrective sequence.

Down from 1.3215 high, the initial decline to 1.3081 low ended black wave ((i)) in 5 waves. Up from there, the bounce to 1.3172 high ended black wave ((ii)) in 3 swings as Elliott wave zigzag . Below from there, the decline to 1.2722 low unfolded in 5 waves & ended black wave ((iii)). Above from there, the bounce to 1.2826 high ended black wave ((iv)) in 3 swings as zigzag . The current view is suggesting that it ended black wave ((v)) of red wave 3 and the pair is expected to do now a red wave 4 bounce in 3, 7 or 11 swings before further downside is seen. We don’t like buying it and prefer more downside against 1.3217 high in the first degree.