Key Points
- Sterling has surrendered its latest rebound gains.
- The corrective reference has shifted from Fibonacci 50% to 61.8%.
- The bullish recovery scenario remains conditional, with a new invalidation level at 1.33424.
British Pound Rate: GBP/USD traded at 1.33764 at 10:12 a.m. New York time. The four-hour chart records a daily high of 1.34594 and low of 1.33736, against an opening rate of 1.34417.
GBPUSD Elliott Wave Analysis
Sterling's latest pullback has deepened beyond the corrective reference outlined in the November 9 GBPUSD forecast, placing additional pressure on the anticipated recovery.
The Elliott Wave count retains blue wave (W) at the preceding 1.35032 peak and blue wave (X) at the subsequent corrective trough.
After rebounding from that low, prices retreated through the updated 61.8% Fibonacci reference. The blue projection still favors renewed appreciation, but the reversal remains unconfirmed.
The newly defined invalidation threshold at 1.33424 establishes the boundary for the current scenario.
Technical Analysis for November 10, 2026
- Structure: Blue (W)–(X) unchanged.
- Fibonacci: 61.8% retracement tested and exceeded downward.
- Upside Reference: 1.35032.
- Invalidation: 1.33424.
Trader's Question: Does falling below Fibonacci 61.8% invalidate the recovery?
Not automatically. The chart identifies 1.33424 as the invalidation boundary. The latest recorded low remains above it, although the recovery requires fresh confirmation.