GBPUSD short-term Elliott Wave view suggests that the pair ended Intermediate wave (2) at 1.33 on 16 December 2017. Up from there, Intermediate wave (3) rally is unfolding as 5 waves impulse Elliott Wave structure where Minor wave 1 ended at 1.3613, Minor wave 2 ended at 1.3456, Minor wave 3 ended at 1.3943, Minor wave 4 ended at 1.3797, and Minor wave 5 of (3) ended at 1.434.
The pullback to 1.4084 today is supposed to end Intermediate wave (4) at 1.4084, but the pair still needs to break above Intermediate wave (3) at 1.434 to confirm this view. Until then, a double correction in Intermediate wave (4) still can’t be ruled out. Near-term, while pullbacks stay above 1.4084, but more importantly as far as pivot at 16 December 2017 low (1.33) stays intact, expect the pair to extend higher. We don’t like selling the pair.
GBPUSD 1 Hour Elliott Wave Chart
