Key Points
- Sterling's updated wave count places green wave (4) at the latest corrective low.
- The pullback developed near the 38.2% Fibonacci retracement.
- Another upward extension remains projected before blue wave a concludes.
British Pound Rate: GBP/USD traded at 1.34722 at 9:31 a.m. New York time. The four-hour chart records a daily high of 1.35010 and low of 1.34481, against an opening rate of 1.34715.
GBPUSD Elliott Wave Analysis
Sterling's corrective structure has progressed beyond the stage outlined in the November 4 Elliott Wave analysis, when green wave (4) remained a projected retracement.
The latest count now positions that wave at the recent pullback low, following green wave (3) near the marked 1.35032 upside reference.
This development supports the possibility that the fourth-wave correction has concluded. The blue forecast path subsequently anticipates another advance into green wave (5), completing red wave 5 and the larger blue wave a.
However, the proposed extension remains unconfirmed, with invalidation unchanged at 1.32726.
Technical Analysis for November 5, 2026
- Structure: Green (4) provisionally complete.
- Fibonacci: 38.2% retracement region.
- Next Wave: Green (5), upward projection.
- Upside Reference: 1.35032.
- Invalidation: 1.32726.
Trader's Question: Does the apparent completion of wave (4) confirm blue wave a has ended?
No. The current projection anticipates an additional fifth-wave advance before the larger corrective structure can be considered complete.