GBPUSD: Should We Expect An Elongated 5th?

0 1,033

The current GBPUSD structure hints to a bullish impulse. It consists of primary sub-waves ① -② -③ -④ and ⑤.

Wave ④ looks fully completed in the form of a corrective triangle pattern.

At the moment, market participants are pushing higher to successfully draw the last bullish impulse wave ⑤.

A closer look at the 1H chart shows that the primary impulse ⑤ consists of intermediate sub-waves (1)-(2)-(3)-(4) and (5).

At the moment, the structure suggests that we are on the wave (3) of the intermediate move as it is the strongest and fastest part in the current degree.

In the short-to-medium term then, we could see a powerful move near the 1.385 area; after a correction.

And in the medium-to-longer term, the appreciation could trigger even 1.420 bets. At that level, the primary wave ⑤ will reach 161.8% of the impulse wave ③.

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