GBP/USD is overall still within a Bear Market with Supercycle Wave (C) (purple) still remaining to be unfolded, with the upcoming Market Shift.
Cycle Wave III (black) finalized after Brexit and the Flash Crash.
Cycle Wave IV (black) is unfolding as a Complex WXY (red) Formation and as per one of the essential Elliott Wave Rules, it will most probably finalize within the territory of the Wave 4 from a lesser degree (in this case Primary 4 (light blue)).
Primary Wave Y (red) still needs Intermediate Wave (C) (light blue) to complete. Before it starts, Intermediate Wave (B) (light blue) still needs one more swing on the downside, providing a good Trading Set-up by pointing towards Primary Y (red) with an Inverted Head and Shoulders Formation.
Levels to focus on:
1.2300 & 1.2200
Targets:
1.2800 & 1.3300
