GBPUSD short-term Elliott wave view suggests that the rally to 1.322 on Jan 26, 2019 ended wave ((X)). Decline from there is unfolding as a 5 waves impulse Elliott Wave structure. Down from 1.322, wave (i) ended at 1.3053, wave (ii) ended at 1.316, wave (iii) ended at 1.2853 and wave (iv) ended at 1.2997. Subdivision of wave (i), (iii), and (v) are also impulse 5 waves in lesser degree. Currently, wave (v) is in progress towards 1.271 – 1.282 area before pair ends cycle from Jan 26, 2019 high.
The 5 waves lower from Jan 26 high will end either wave ((i)) or wave ((a)) of larger Elliott Wave degree. Pair should then bounce in wave ((ii)) or ((b)) to correct cycle from Jan 26 high in 3, 7, or 11 swing before the next leg lower. As far as pivot at 1.322 high stays intact, expect rally to fail and pair to extend lower at least another leg lower. We do not like buying or fading the 5 waves move lower as the impulsive move can always extend to the downside further. A break above the parallel channel can be the first indication that wave ((i)) is complete.
GBPUSD 1 Hour Elliott Wave Chart