GBP/USD has turned lower in the last 24 hours from its highs, but despite some weakness we believe that larger trend is incomplete. We are tracking an impulsive rally from 1.5853 low, which means that recovery needs to be made by five subwaves. With that in mind we believe that current bearish leg represents only first part of corrective pause.

We are talking about wave (iv) pullback that could look for a support zone around 1.6290/1.6310 in the next few trading days and then send prices higher early next week into wave (v) towards 1.6550/1.6600 region.

GBP/USD 4h Elliott Wave Analysis GBP/USD Elliott Wave