GBPUSD Developing a Massive 1-5 Elliott Pattern

The price action of the GBPUSD is currently developing a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, headed towards the 38.2 per cent Fibonacci retracement level at 1.3171.

Due to the fractal nature of the price action, each impulse and retracement leg takes the form of an Elliott structure as well. This is helpful because it shows the likely turning points (for corrections) as the price continues to sink towards the 38.2 per cent Fibonacci