GBPUSD Rate: GBPUSD traded at 1.32420 on the four-hour chart at 7:53 AM New York time. Price is recovering within a broader bearish trend.
GBPUSD Elliott Wave Analysis
Wave iii ended at 1.31807. The subsequent wave iv is unfolding as a W–X–Y correction within a temporary ascending channel. Wave Y appears to be forming an A–B–C flat, with its final C leg potentially targeting 1.3280–1.3300.
- Wave Structure: Bearish impulse; corrective recovery.
- Trendline: Ascending corrective channel.
- Support: 1.32043, then 1.31807.
- Resistance: 1.3280–1.33110.
Completion of wave iv near the channel’s upper boundary could trigger wave v downward. A break below 1.31807 would strengthen bearish confirmation, while a sustained move above 1.33110 would require reassessment.
GBPUSD News: The IMF raised its UK growth forecast to 1.3% for 2026, while Bank of England tightening expectations supported sterling. US CPI is scheduled for October 14, potentially increasing volatility.