FX.co ★ Elliott wave analysis of GBP/USD for July 18, 2023

Today we will look at the long-term wave count for GBP/USD or the Cable as it's called within the currency trading world. Going back to 1985, we can see the Cable bottoming at 1.0520 and that low was revisited in September 2022 from where a strong impulsive rally developed. The decline that was seen up to the low of September 2022 started from the 2007 high at 2.0896 and was followed by a wedge-shaped decline to the low of 1.0357 in September 2022. The ongoing wave (C) should ultimately break above the wedge resistance line near 1.3350 for a rally towards the resistance area between 2.0100 - 2.1150 to complete the consolidation since 1985.

A possible time indication for the rally into the 2.0100 - 2.1150 area is something in the area of 7 years or in the year 2029.