GBPUSD: Ending Diagonal Breakout Triggers Bearish correction

The GBPUSD currency pair has initiated a downward corrective movement subsequent to breaking out from the ending diagonal pattern during the Asian session today. Currently, the pair is in the first wave (a) of the correction phase and is anticipated to conclude around the 1.24650 area. Following the completion of the wave (a), we expect a rally to form the wave (b) in the 1.25800 region (provided we have a zig-zag correction pattern), before an impulsive drop in the wave (c) to the 1.24000 region.

My analysis suggests a slight upward rally in the pair towards the 1.25600 region before establishing a short position. Overall, my outlook predicts that GBPUSD will experience a decline towards the 1.24000 area in the forthcoming days, provided my analysis is correct.

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From harmonic pattern perspective, this is what is possible. A drop to the 1.24700 region before the rally to the upside in Wave (b).

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Here is the result so far. More than +75Pips achieved.

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A quick update on this analysis. Massively following the projection.

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I'm still following the Elliott wave count on GBPUSD. Here is the updated count:

Trade closed: target reached:

About 200pips bagged