GBPUSD Elliott Wave Analysis: Calling Further Upside

GBPUSD short-term Elliott Wave analysis suggests that the rally from 8/15/2018 low at 1.2660 to 1.3042 high ended red wave 1. The internals of that rally higher took place in 3 wave corrective sequence i.e double three thus suggesting that the pair can be doing a Leading diagonal structure. Up from 1.2660 low, the initial rally to 1.2935 high ended black wave ((w)) of 1. Black wave ((x)) of 1 pullback ended at 1.2798 low. Black wave ((y)) of 1 ended as a zigzag structure at 1.3042 high.

Down from there, the pullback to 1.2785 low ended red wave 2 pullback as a Flat structure where black wave ((a)) ended at 1.2959 low. Black wave ((b)) bounce ended at 1.3006 high and black wave ((c)) of 2 ended at 1.2785 low.

Above from there, the pair has managed to make a new high above 1.3042 peak confirming the next extension higher in red wave 3. Near-term, while dips remain above 1.2785 low, any dip is expected to remain supported in 3, 7 or 11 swings for further upside towards 1.3162-1.3252, which is the 100%-123.6% Fibonacci extension area of red wave 1-2 to complete red wave 3.

Afterwards, the pair is expected to do a pullback in red wave 4 before further upside is seen. We don’t like selling the pair and prefer more upside against 1.2785 low in the first degree.