Automatic wave scan: as of 4 Nov 2026, the automatic daily count for GBP/USD is Wave 5 up with a bullish bias. The count stays valid while price holds 1.3139.
Current GBP/USD wave count
Automatic wave scan Updated daily from the latest daily close (4 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave advance that began at 1.3143 on 23 Jun 2026. Next levels to watch are 1.3475 and 1.3599. The count fails on a daily close below 1.3139.
Key levels
| Type | Levels |
|---|---|
| Resistance | 1.3675 · 1.3545 |
| Support | 1.3139 · 1.3273 |
| Invalidation | 1.3139 |
What is GBP/USD?
GBP/USD compares the pound sterling with the US dollar. The nickname Cable comes from the telegraph cable laid under the Atlantic in the 1800s, which carried exchange rate quotes between London and New York.
The pound is one of the oldest currencies still in use. It had major shocks in recent history, including the 2016 Brexit vote and the September 2022 mini budget crisis, when it briefly fell to a record low near 1.03.
What moves the GBP/USD price?
- Bank of England policy: UK inflation has often run higher than in other rich countries, so expectations for Bank of England rates drive the pound.
- UK politics and budgets: Fiscal plans and elections can move the pound quickly, as the 2022 crisis showed.
- US data and the Fed: Like all dollar pairs, Cable reacts strongly to US jobs and inflation numbers.
- Risk sentiment: The pound tends to weaken when global markets turn fearful.
How GBP/USD moves in Elliott Wave terms
Cable often makes fast impulsive legs followed by deep, choppy corrections. Its extremes, such as the 2022 low, were followed by strong five-wave recoveries. Wave 2 retracements of 61.8 to 78.6 percent are common, so traders should allow for deep pullbacks.
Sudden spikes around UK news can produce long wicks. Judge breaks of wave levels on closing prices.
Tips for counting GBP/USD waves
Use wider stops than on EUR/USD. Watch UK CPI and Bank of England days, which often start or end a wave.
GBP/USD key facts
GBP/USD Elliott Wave FAQ
Why is GBP/USD called Cable?
The name comes from the transatlantic telegraph cable that carried pound and dollar prices between London and New York starting in the 1800s.
Is GBP/USD more volatile than EUR/USD?
Yes, usually. The pound reacts more to domestic news, so its daily range is often wider.
What was the lowest GBP/USD rate?
The pair briefly traded near 1.03 in September 2022 after the UK mini budget, its lowest level on record.
Sources and further reading
- BIS Triennial Central Bank Survey of foreign exchange turnover (Bank for International Settlements)
- Monetary Policy Summary (Bank of England)
- Federal Open Market Committee (Federal Reserve)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
