{"id":8206,"date":"2025-02-04T20:09:22","date_gmt":"2025-02-04T20:09:22","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=8206"},"modified":"2025-05-12T09:56:54","modified_gmt":"2025-05-12T09:56:54","slug":"gbp-usd-rally-in-motion","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gbp-usd-rally-in-motion\/","title":{"rendered":"GBP\/USD Elliott Wave: Rally in Motion"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Current Trend Bias<\/strong>: GBP\/USD is in an impulsive rally, with Wave (iii) likely underway.<\/li>\n\n\n\n<li><strong>Key Bullish Level to Watch<\/strong>: Bullish view while above the wave (ii) low at 1.2249.<\/li>\n\n\n\n<li><strong>Target Levels<\/strong>: Near-term target levels at 1.2678, 1.2951, 1.3407<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"677\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/02\/GBPUSD_2025-02-04_14-05-20-1024x677.png\" alt=\"\" class=\"wp-image-8207\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/02\/GBPUSD_2025-02-04_14-05-20-1024x677.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/02\/GBPUSD_2025-02-04_14-05-20-300x198.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/02\/GBPUSD_2025-02-04_14-05-20-768x508.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/02\/GBPUSD_2025-02-04_14-05-20.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Higher Degree<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave chart<\/a> suggests that GBP\/USD completed a five-wave decline at 1.2099, marking the termination of a Wave (v) at a minor degree. We were anticipating a <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbpusd-leaner-look\/\">major bullish reversal<\/a> on January 10 near 1.2000. The decline could only make it to 1.2099 on January 13..<\/p>\n\n\n\n<p>The pair has since reversed into an impulsive structure, indicative of a larger Primary Wave 3 rally (not shown) is unfolding. This aligns with the classic &#8220;impulse wave&#8221; behavior, where a third wave is often the strongest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Lower Degree<\/h3>\n\n\n\n<p>Zooming in, Wave (i) peaked at 1.2524, while Wave (ii) retraced deeply to 1.2249, respecting the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">61.8% Fibonacci retracement level<\/a>. The ongoing price action appears to be a developing Wave (iii), with the price breaking above the descending resistance trendline from earlier waves, signaling bullish momentum. <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extensions<\/a> place the next <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">resistance <\/a>at 1.2951, coinciding with the 161.8% level, which is typical for extended Wave (iii) patterns.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Forecast<\/h3>\n\n\n\n<p>As long as prices remain above 1.2249, the rally should continue toward 1.2678 (100% extension) and potentially extend to 1.2951 (161.8%) or 1.3407 (261.8% extension). However, a break below 1.2249 may indicate a deeper correction, invalidating the impulsive structure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>GBP\/USD is in a bullish impulsive phase, with initial targets of 1.2678, 1.2951, and possibly 1.3407. Key support at 1.2249 should hold for the bullish scenario to remain valid.&nbsp;<\/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=\"EwwgdcLjVS\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/q1-2025-forex-us-dollar-looking-for-top\/\">Q1 2025 Forex Forecast: US Dollar Looking For A Top<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Q1 2025 Forex Forecast: US Dollar Looking For A Top&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/q1-2025-forex-us-dollar-looking-for-top\/embed\/#?secret=EYOKxrIehC#?secret=EwwgdcLjVS\" data-secret=\"EwwgdcLjVS\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/USD Elliott Wave Analysis: The pair&#8217;s impulsive rally targets 1.2678 and higher, with key support at 1.2249. Can the trend continue?<\/p>\n","protected":false},"author":160,"featured_media":8209,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-8206","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: Rally in Motion - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"GBP\/USD Elliott Wave Analysis: The pair&#039;s impulsive rally targets 1.2678 and higher, with key support at 1.2249. 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