{"id":15420,"date":"2025-09-19T19:40:15","date_gmt":"2025-09-19T19:40:15","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=15420"},"modified":"2025-09-19T19:40:17","modified_gmt":"2025-09-19T19:40:17","slug":"gbpusd-medium-term-top","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbpusd-medium-term-top\/","title":{"rendered":"GBP\/USD Elliott Wave: Medium-Term Top"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GBPUSD appears to be progressing lower in the final leg of wave 2.<\/li>\n\n\n\n<li>Downside targets include 1.31 and possibly 1.28.<\/li>\n\n\n\n<li>If Wednesday\u2019s high of 1.3726 is broken, then we\u2019ll reconsider the wave count.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">GBPUSD Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"631\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/09\/GBPUSD_2025-09-19_14-36-10-1024x631.png\" alt=\"\" class=\"wp-image-15421\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/09\/GBPUSD_2025-09-19_14-36-10-1024x631.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/09\/GBPUSD_2025-09-19_14-36-10-300x185.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/09\/GBPUSD_2025-09-19_14-36-10-768x473.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/09\/GBPUSD_2025-09-19_14-36-10.png 1475w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It appears that Cable completed wave ((b)) or ((x)) of wave 2 at Wednesday\u2019s high of 1.3726. This means a multi-hundred pip decline is underway in wave ((c)) or ((y)) of 2. This decline likely carries down to 1.31 and possibly 1.28.<\/p>\n\n\n\n<p>If the decline unfolds in 5-waves, then we\u2019ll consider it to be wave ((c)), a five-wave <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> pattern. If the decline unfolds in 3-waves, then we\u2019ll consider it to be wave ((y)), a double zigzag pattern.<\/p>\n\n\n\n<p>GBPUSD is approaching an upward sloping <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">support trend line<\/a> that has been in place since August. If this trend line breaks, then it opens the door to 1.31 and possibly lower levels.<\/p>\n\n\n\n<p>Part of the reason to consider 1.31 a target zone is that the previous decline on August 4 reached a low of 1.3141. On May 12, GBPUSD reached a low of 1.3139. Then, on April 3, GBPUSD spiked higher and left a long topside wick piercing this same 1.3140 price zone. Additionally, there is a <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">38% Fibonacci retracement level<\/a> near that price at 1.3143.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>GBPUSD has been grinding sideways in wave 2 since July. A medium term top was reached earlier this week on September 17. Now it appears a strong leg lower has begun that may reach 1.28-1.31.<\/p>\n\n\n\n<p>If Wednesday\u2019s high of 1.3726 is breached, then we\u2019ll reconsider the wave count.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current GBPUSD Elliott wave count suggests a downtrend. Reach more to find target and key price levels to follow.<\/p>\n","protected":false},"author":160,"featured_media":15424,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-15420","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD Elliott Wave: Medium-Term Top - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The current GBPUSD Elliott wave count suggests a downtrend. 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