{"id":3037,"date":"2024-05-30T13:40:22","date_gmt":"2024-05-30T13:40:22","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3037"},"modified":"2025-05-15T14:06:12","modified_gmt":"2025-05-15T14:06:12","slug":"gbp-usd-revving-for-next-rally","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbp-usd-revving-for-next-rally\/","title":{"rendered":"GBP\/USD Elliott Wave: Revving Up For Next Rally"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GBPUSD is consolidating but the bullish pattern appears incomplete<\/li>\n\n\n\n<li>Near-term lows may be in place as wave iv is late in development<\/li>\n\n\n\n<li>Initial bullish target is 1.2850-1.3000<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Incomplete Bullish Impulse Pattern<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeRLJQtWuA94OkrLEuq5suoGwx_p9T8pe1XuECri0LOaCr67j46B8i_Aiwd70-dscPsKcrBAlter-jKiqYSsikSBBRdMBFwT8G_GoiCCHrGxpNTKbUXzFDirxWRMgD-Fa2C7Xuwa85-T7bxI-b4iF8_P2I6?key=Uj4MqBLI3M4mKnEJIbuiHQ\" alt=\"\" \/><\/figure>\n\n\n\n<p>The rally from April 22 appears to be an incomplete Elliott wave impulse pattern with only three of the five waves in place.<\/p>\n\n\n\n<p>Currently it appears Cable is carving out wave iv of the pattern. When this finishes, it would lead to wave v higher.<\/p>\n\n\n\n<p>Using the guideline of alternation, wave ii was a sideways flat pattern, therefore, we can anticipate wave iv to be a sharp zigzag or triangle pattern.<\/p>\n\n\n\n<p>The market does not have to alternate, but is a guideline that is frequently found.<\/p>\n\n\n\n<p><br>As a result, wave iv as a sharp decline might dig a little deeper to the 38.2% Fibonacci retracement level of wave iii at 1.2641.<\/p>\n\n\n\n<p>Otherwise, if wave iv carves as a triangle, then micro wave \u00a9 of the triangle may be complete leading to a short rally in micro wave (d).<\/p>\n\n\n\n<p>Under the triangle scenario, GBPUSD should hold above today\u2019s low of 1.2680.<\/p>\n\n\n\n<p>Regardless, when wave iv finishes, look for a wave v rally to unfold lasting 160-260 pips possibly reaching 1.2850-1.3000.<\/p>\n\n\n\n<div class=\"quick-tip-section\"><span>QUICK TIP:<\/span><span>\u00a0<\/span>The Elliott Wave Theory guideline of alternation says that wave 2 and wave 4 tend to alternate in their structures between sideways and sharp corrections.<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Current GBP\/USD Elliott Wave Count<\/h2>\n\n\n\n<p>Therefore, the current wave count for GBPUSD appears to be wave iv of (i) of ((iii)). If this forecast holds, then Cable would rally in wave v of (i) of ((iii)) completing the first impulse of a larger third wave.<\/p>\n\n\n\n<p>Though we are anticipating wave (i) to terminate in the 1.2850-1.3000 zone, there would eventually be much further upside beyond 1.3000 according to the wave count we are following..<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdAAArZZMZXTUdA5zZXnJlEl7BGns_4V2fqQWS0ksXeUMYJDueRkvzT5SzpWGvFRzMVBETXQykpaHz3ByBlZU7QSb4I-Xejz-ta1NyOsTTNxHt032Phr5gKZI2WTkUeySh3OJhKFqSWWgicbgofOs2vrN8?key=Uj4MqBLI3M4mKnEJIbuiHQ\" alt=\"\" style=\"width:300px\" \/><\/figure>\n<\/div>\n\n\n<p>A breakdown below 1.2569, though unexpected, would break one of Elliott\u2019s rules and force us to reconsider the primary wave count.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>GBP\/USD appears to be carving a small consolidation within a larger uptrend. From above 1.2569, we anticipate Cable would rally to 1.2850-1.3000 to finish wave (i) of ((iii)).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBPUSD appears to be consolidating in wave iv of (i). The wave v rally may reach 1.2850-1.3000.<\/p>\n","protected":false},"author":160,"featured_media":3038,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-3037","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: Revving Up For Next Rally - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"GBP\/USD Elliott wave analysis suggests a bullish impulse pattern is incomplete with potential targets near 1.2850-1.3000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbp-usd-revving-for-next-rally\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBP\/USD Elliott Wave: Revving Up For Next Rally - 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