Short Term Elliott Wave view in GBPUSD suggests the rally to 1.3749 Ended wave (B). Pair has turned lower in wave (C) with internal subdivision as a 5 waves impulse structure. Down from wave (B), wave (i) ended at 1.3698, and rally in wave (ii) ended at 1.3743. Pair then extends lower in wave (iii) towards 1.3651, and bounce in wave (iv) ended at 1.3690. Final leg lower wave (v) ended at 1.3571 and this completed wave ((i)). Rally in wave ((ii)) ended at 1.3662 with internal subdivision as a zigzag. Up from wave ((i)), wave (a) ended at 1.3649, wave (b) ended at 1.3597, and wave (c) ended at 1.3662.
Pair then resumed lower in wave ((iii)) with subdivision as a 5 waves impulse. Down from wave ((ii)), wave (i) ended at 1.354 and rally in wave (ii) ended at 1.4565. Wave (iii) ended at 1.3465, wave (iv) ended at 1.3481, and wave (v) ended at 1.3438. This completed wave ((iii)) in higher degree. Bounce in wave ((iv)) ended at 1.3496, and wave ((v)) lower ended at 1.3434 which completed wave 1. Wave 2 corrective rally is now in progress to correct the cycle from January 13, 2022 high before the decline resumes. Near term, as far as pivot at 1.3749 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
GBPUSD 60 Minutes Elliott Wave Chart
