GBP/USD Elliott Wave Analysis: Mapped Low Hit at 1.3137 — Wave 3 Targets 1.3729
On 13 October we mapped GBP/USD’s Wave 5 toward 1.31402 to complete the A-B-C correction from 1.3676. Price bottomed at 1.31372 and has since launched a new impulse.
Where Is GBP/USD Right Now?
The correction (complete): From the x/(C)/5 high near 1.36757, the A-B-C decline unfolded: (A) near 1.3475, (B) near 1.3568, and a (C)/y leg with 1-2-3-4-5 structure. Wave 4 was a contracting triangle, and Wave 5 ended at 1.31372.
The new impulse:
Wave 1: up to ≈1.3419
Wave 2: pullback to 1.32724
Wave 3 (active): price at 1.34210, with the 1.618 Fibonacci at 1.37288 as the mapped target
Expected Scenario
A decisive break and hold above the Wave 1 high supports further advance, with resistance at 1.34751, 1.35679 and the 1.36578–1.36757 zone before the target.
Key levels:
1.37288: 1.618 Fib target
1.36757 / 1.36578: x/(C)/5 high
1.35679 / 1.34751: resistance
1.34210: current price
1.32724: Wave 2 low
1.31372: Invalid Level
Strategic Perspective
The Wave 1 high (~1.3419) is the immediate level to watch.
1.32724 is key support; a close below weakens the count.
DXY direction, BoE and Fed policy are the main external variables.
Conclusion
GBP/USD’s correction has completed at the mapped zone and Wave 3 is active. At EWPlans, we update H4 and D1 wave counts on 39 instruments every day.