GBP/USD (Futures Contract) – Weekly Elliott Wave Analysis

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GBP/USD (Futures Contract) – Weekly Elliott Wave Analysis
GBP/USD found support around the 1.2097 level, initiating a rally that is currently facing resistance near 1.2900. Based on Elliott Wave structure, this resistance zone is expected to trigger another corrective decline, potentially driving prices toward the 1.1923 - 1.1566 area before the next impulsive bullish leg develops.

The primary count suggests that this decline would complete a corrective structure before resuming the larger-degree uptrend. However, a break above 1.3420 would invalidate this scenario and favor an alternative wave count, indicating that the impulsive bullish movement is already in progress.

Key levels to monitor:
📉 Bearish Target Zone: 1.1923 - 1.1566
📈 Bullish Confirmation Level: 1.3420

Traders should watch for price action signals around these zones to confirm whether the anticipated corrective move plays out or if the alternative bullish scenario takes precedence.