GBPUSD Rate: GBPUSD stood at 1.32451 on the four-hour chart at 9:10 AM New York time, rebounding sharply from 1.31372.
GBPUSD Forecast
Yesterday’s anticipated decline materialized, but the updated Elliott Wave count suggests wave iii may have ended at 1.31372.
Its final wave (v) followed an expanding diagonal, with overlapping subdivisions a–b–c–d–e. The rebound supports a potential wave iv recovery toward 1.3340–1.3350.
- Wave Structure: Bearish impulse potentially transitioning into a corrective rebound.
- Trendline: Expanding diagonal completed.
- Support: 1.3200, then 1.31372.
- Resistance: 1.3280, then 1.3340–1.3350.
A temporary pullback could precede further recovery. Breaking below 1.31372 would undermine the proposed completion of wave iii.
GBPUSD News: UK GDP unexpectedly grew 0.1% in August, against forecasts of a 0.1% contraction, supporting sterling. US retail sales rose 0.8% in September, exceeding expectations.