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fxJun 16, 2026, 6:11 AM

GBP/USD Elliott Wave: Further Dip Expected Before Rally

GBP/USD has been grinding lower since its April 14 peak at 1.3589. Analysts expect one more dip to complete the corrective setback before a new uptrend.

GBPUSD

The British pound against the US dollar has been moving in a corrective pattern since topping at 1.3589 on April 14. Price action has been grinding sideways to lower, indicating a classic corrective setback.

Key points from the Elliott Wave analysis:

  • The downtrend from the April high is seen as a corrective phase.
  • A final dip is anticipated before bulls regain control.
  • The current structure suggests the corrective wave is nearing completion.

Source: FXStreet Forex News