Elliott Wave Analysis: GBP/USD Unfolding A Minimum, Three-Wave Bullish Reversal

GBPUSD made a nice break higher, through the upper Elliott wave channel line, which is the first evidence of a completed decline and that a minimum three-wave recovery in is progress. We labelled wave A)/1) as completed, that is now being followed by wave B)/2) which can look for temporary support around the Fibonacci ratio of 50.0 or 61.8. In case of an already completed wave B)/2) more gains may already be here, targeting above the 1.300 area.

GBPUSD, 1h

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