Following a prolonged complex correction, GBPUSD has resumed the upward trend based on Elliott five waves principle.
End of wave 1 stood at 1.263 in Mid April. Wave 2 went all the way done to 1.209, and ended in Mid May. Since then cable gained interesting momentum and price action approached wave 1 high. Currently, there might be a correction that can drag price back into the 1.24 territory. However, the overall outlook is bullish with longer term objective eyeing areas above 1.28, when plotting Fibonacci Extension on wave 1 and 2.
End of wave 1 stood at 1.263 in Mid April. Wave 2 went all the way done to 1.209, and ended in Mid May. Since then cable gained interesting momentum and price action approached wave 1 high. Currently, there might be a correction that can drag price back into the 1.24 territory. However, the overall outlook is bullish with longer term objective eyeing areas above 1.28, when plotting Fibonacci Extension on wave 1 and 2.