The GBP/USD finally broke higher on Thursday, after a recent unsuccessful push through the lower support line connected from early March lows. Notice that the pair closed well above 1.5407 trend-line on Thursday, which sets a stage for a new impulsive rally, now towards the 1.5500/1.5600 area.

This leg represents wave C), final sub-wave of a second zig-zag in wave II, so we must be aware of a bearish price action, most-likely next week.

GBPUSD 4h Elliott Wave Analysis Chart

Analysis by: http://www.Forexpros.com - Written by Gregor Horvat Forexpros

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