{"id":6522,"date":"2024-11-06T21:36:43","date_gmt":"2024-11-06T21:36:43","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=6522"},"modified":"2025-05-13T07:22:22","modified_gmt":"2025-05-13T07:22:22","slug":"gbpusd-correction-digs-deeper","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/","title":{"rendered":"GBP\/USD Elliott Wave: Pound\u2019s Correction Digs Deeper"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GBPUSD is declining in wave c of (ii)<\/li>\n\n\n\n<li>Bearish targets include 1.2730 and 1.2540<\/li>\n\n\n\n<li>The forecast remains valid so long as price remains below 1.3047<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">GBPUSD Event Risk Coming Up<\/h2>\n\n\n\n<p>The US election is winding down. The Fed and Bank of England are up next.<\/p>\n\n\n\n<p>On Thursday, both central banks will share their brilliance on the economy and the expected path of interest rates.<\/p>\n\n\n\n<p>A 25 basis point cut is widely expected by both the Fed and BOE. The biggest potential for a surprise would be the Fed\u2019s press conference as the streets tries to gauge the strength of the wind blowing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXedHnJT6Vn3sN_PEC2bIpJLB-0yqkwdEw0Hnj-jRUAhKiKcw1Og_hiuUkJL3zUK2aHxv4UdKbVUTX2uxWjl1VumZ3yJ-FCARx6IsJUnrHnYxPcXFOP9v77Dw2XSg_r4LX6fqK2oJQ?key=Uj4MqBLI3M4mKnEJIbuiHQ\" alt=\"\" \/><\/figure>\n\n\n\n<p>The current <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave count<\/a> for GBPUSD on the intraday chart is wave c of (ii), a declining wave. The pattern for wave (ii) would be an a-b-c bearish zigzag pattern.<\/p>\n\n\n\n<p>After carving a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/double-top-pattern\/\">double top pattern<\/a> to yesterday\u2019s high, Cable has fallen hard today.<\/p>\n\n\n\n<p>There are a couple of targets we are closely monitoring. There are some harmony of wave relationships appearing near 1.2730 and 1.2540.<\/p>\n\n\n\n<p>1.2723 is where the 61.8% Fibonacci retracement level of the April to September uptrend sits. Additionally, the 61.8% <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extension<\/a> crosses at 1.2730. This is where wave c of the zigzag pattern would be 61.8% the length of wave a.<\/p>\n\n\n\n<p>The secondary target zone is 1.2540. At 1.2537 is the 78.6% Fibonacci retracement level. The 100% Fibonacci extension for wave c relative to wave a is at 1.2539.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>GBPUSD is in a decline that could carry down to 1.2730 or 1.2540 so long as prices do not rally above 1.3047.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"SunqxhUEtD\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-bounce-temporary\/\">EUR\/USD Elliott Wave: Support Bounce May Be Temporary<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;EUR\/USD Elliott Wave: Support Bounce May Be Temporary&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-bounce-temporary\/embed\/#?secret=kv5l2gJGKA#?secret=SunqxhUEtD\" data-secret=\"SunqxhUEtD\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern with targets near 1.2730 and possibly 1.2540. Discover the key price levels to follow.<\/p>\n","protected":false},"author":160,"featured_media":6523,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-6522","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: Pound\u2019s Correction Digs Deeper - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern. Discover the price targets for this pattern.\" \/>\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\/gbpusd-correction-digs-deeper\/\" \/>\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: Pound\u2019s Correction Digs Deeper - Alchemy Markets\" \/>\n<meta property=\"og:description\" content=\"The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern. Discover the price targets for this pattern.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/\" \/>\n<meta property=\"og:site_name\" content=\"Alchemy Markets\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-13T07:22:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/GBPUSD-EW-Featured-Image-Nov-6-2024.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minuti\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GBP\/USD Elliott Wave: Pound\u2019s Correction Digs Deeper - Alchemy Markets","description":"The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern. Discover the price targets for this pattern.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/","og_locale":"it_IT","og_type":"article","og_title":"GBP\/USD Elliott Wave: Pound\u2019s Correction Digs Deeper - Alchemy Markets","og_description":"The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern. Discover the price targets for this pattern.","og_url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/","og_site_name":"Alchemy Markets","article_modified_time":"2025-05-13T07:22:22+00:00","og_image":[{"width":1792,"height":1024,"url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/GBPUSD-EW-Featured-Image-Nov-6-2024.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Tempo di lettura stimato":"2 minuti"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/","url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/","name":"GBP\/USD Elliott Wave: Pound\u2019s Correction Digs Deeper - Alchemy Markets","isPartOf":{"@id":"https:\/\/alchemymarkets.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/#primaryimage"},"image":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/#primaryimage"},"thumbnailUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/GBPUSD-EW-Featured-Image-Nov-6-2024.png","datePublished":"2024-11-06T21:36:43+00:00","dateModified":"2025-05-13T07:22:22+00:00","description":"The GBPUSD forecast suggests a continuing decline in the Elliott wave zigzag pattern. Discover the price targets for this pattern.","breadcrumb":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/#breadcrumb"},"inLanguage":"it-IT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/"]}]},{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/#primaryimage","url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/GBPUSD-EW-Featured-Image-Nov-6-2024.png","contentUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/GBPUSD-EW-Featured-Image-Nov-6-2024.png","width":1792,"height":1024},{"@type":"BreadcrumbList","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-correction-digs-deeper\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/alchemymarkets.com\/"},{"@type":"ListItem","position":2,"name":"Market Insights","item":"https:\/\/alchemymarkets.com\/education\/market-insights\/"},{"@type":"ListItem","position":3,"name":"GBP\/USD Elliott Wave: Pound\u2019s Correction Digs Deeper"}]},{"@type":"WebSite","@id":"https:\/\/alchemymarkets.com\/#website","url":"https:\/\/alchemymarkets.com\/","name":"Alchemy Markets","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alchemymarkets.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"it-IT"}]}},"_links":{"self":[{"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/market_insights\/6522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/market_insights"}],"about":[{"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/types\/market_insights"}],"author":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/users\/160"}],"replies":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/comments?post=6522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/media\/6523"}],"wp:attachment":[{"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/media?parent=6522"}],"wp:term":[{"taxonomy":"market_insights_categories","embeddable":true,"href":"https:\/\/alchemymarkets.com\/it\/wp-json\/wp\/v2\/market_insights_categories?post=6522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}