GBPUSD is attempting to stabilize near 1.33179 on the 4-hour chart following a decline from the blue wave b high, which formed beneath the previously marked 1.34192 target. The decline is labeled blue wave c and purple wave (x), following the completion of purple wave (w) at the preceding blue wave c high. The updated projection anticipates a brief pullback from the current recovery toward the recent consolidation area before a stronger bullish advance. A break above 1.33388 would provide initial confirmation of renewed upward momentum, potentially opening the way toward 1.34192 and the higher region indicated by the blue arrow. The bullish scenario remains conditional on price holding above the marked invalidation level at 1.32726.
Technical Summary of GBPUSD for October 29, 2026
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Trend: Corrective bearish movement, with a bullish recovery projected.
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Current Elliott Wave: Blue c and purple (x) labeled at the recent low; subsequent bullish advance projected.
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Key Support Levels: Approximately 1.32900; 1.32726.
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Key Resistance Levels: 1.33388; 1.34192.
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Next Price Target: 1.33388, followed by 1.34192.
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Invalidation Level: 1.32726.