GBPUSD 1 Hour Elliott Wave Analysis

Hello Traders,

In this Elliott Wave Analysis, we will have a look at GBPUSD in the 1-hour timeframe.

GBPUSD ended the cycle from 06/07/18 peak (1.3475) in blue wave (1) at the low of 06/21/18 (1.3102). Up from that low, it ended blue wave (2) pullback at the peak of 07/09/18 (1.3364). The internals of blue wave (2) unfolded as a Elliott Wave flat structure. Below from there, it ended the cycle in red wave W at the low of 07/13/18 (1.3102).

The sub-division of red wave W unfolded in an Elliott Wave double correction where black wave ((w)) ended at 07/09/18 low (1.3189), black wave ((x)) pullback at 07/10/18 peak (1.3302) and it completed black wave ((y)) of red wave W at 07/13/18 low (1.3102). Up from there, red wave X pullback ended at 07/16/18 peak (1.3293). Below from that peak, GBPUSD made a new low below red wave W, suggesting now more downside from 07/09/18 peak (1.3364) towards the equal legs of 1.3031-1.2969 before a reaction higher can be seen. As long as current pullbacks stay below 1.3364 peak, we expect the pair to extend lower.