GBP/USD Elliott Wave Analysis: Wave C Targets 1.3427–1.3360 Before Next Bullish Impulse Above 1.3658
GBP/USD has just completed a structurally extraordinary multi-phase Elliott Wave bullish sequence — and is now in the final corrective leg that defines the structural buy zone for the next major advance. From the 5/(C)/w base at 1.3140, through the (A) wave, (B) corrective low, and the detailed (C)/x impulse to 1.36578, the wave structure has mapped GBP/USD's entire 2026 journey with precision. Now Wave C of the A-B-C correction is targeting 1.34271 (0.618 Fib) or 1.33595 (0.786 Fib) — and once it completes, the next major bullish advance above 1.3658 begins. Here is the complete breakdown.
Elliott Wave Analysis: Where Is GBP/USD Right Now?
Critical Levels and Wave Count
The GBP/USD H4 Elliott Wave picture for September 2026 is one of the most structurally layered in the pair's history — featuring a multi-degree structural base, a complex three-phase bullish sequence, and now a precisely mapped A-B-C corrective completion zone.
The 5/(C)/w Structural Base — 1.3140:
The chart's far left shows the 5/(C)/w structural bottom at approximately 1.3140 — labeled 5, (C), and w on the EWPlans chart. This multi-degree terminal convergence is the foundation for the entire bullish sequence. The Invalid Level at 1.31402 marks this as the hard structural floor.
Phase 1 — (A) Wave Five-Wave Impulse:
From the 1.3140 base, the (A) wave developed as a detailed five-wave impulse:
Wave 1: Initial thrust from the base
Wave 2: Corrective retracement, labeled 2
Wave 3: Most powerful advance — reaching the 1.618 Fibonacci at 1.34396 — labeled 3 and 1.618 (1.34396)
Wave 4: Corrective pullback, labeled 4
Wave 5/(A) terminal: Completing the (A) wave advance near ≈1.3440 — labeled 5 and (A)
Phase 2 — (B) Wave Corrective Structure:
Following the (A) terminal, a corrective (B) wave A-B-C structure declined toward approximately 1.3280 — labeled A, B, C/(B) on the chart.
Phase 3 — (C)/x Impulse to 1.36578:
From the (B) corrective low, the most detailed and powerful phase launched — the (C)/x impulse:
Wave 1: Initial advance from the (B) low, labeled 1
Wave 2: Corrective retracement, labeled 2
Internal (i)-(ii)-(iii)-(iv)-(v): Five-wave sub-sequence visible on the chart with individual labels
Wave 3: Major advance to ≈1.3540, labeled 3
Wave 4: Corrective pullback, labeled 4
Wave 5/x/(C) terminal: The multi-labeled terminal completing at approximately 1.36578 — labeled x, (C), and 5 on the chart
A-B-C Corrective Structure — WAVE C NOW ACTIVE:
From the x/(C)/5 high at 1.36578, the A-B-C corrective structure:
A wave: Declined to ≈1.34744 — labeled A on chart ✅
B wave: Rallied to ≈1.35679 — labeled B on chart ✅
C wave — NOW ACTIVE: The final corrective leg, declining from the B high toward:
0.618 Fibonacci at 1.34271 — primary target
0.786 Fibonacci at 1.33595 — deeper scenario
Current price at 1.34419 is within the declining C-wave, approaching the 0.618 Fibonacci at 1.34271.
The Detailed (C)/x Internal Structure — What It Means for C Wave and Beyond
The extraordinary internal detail of the (C)/x advance — with 1-2-(i)-(ii)-(iii)-(iv)-(v)-3-4-5 labeling at multiple wave degrees — is one of the most analytically significant features of the GBP/USD setup:
1. Multi-degree internal labeling confirms structural quality. The (C)/x advance showing both primary (1-2-3-4-5) and internal parenthetical (i)-(ii)-(iii)-(iv)-(v) wave structures — all executing with visible precision on the chart — provides exceptional confirmation that the wave count is correctly structured and high quality.
2. The (A) wave Wave 3 hitting the 1.618 Fibonacci at 1.34396 validates the count. The first major wave (A)'s internal Wave 3 reaching precisely the 1.618 Fibonacci at 1.34396 is a structural precision signal that elevates confidence in all subsequent waves — including the current A-B-C correction and the next bullish impulse.
3. The x/(C)/5 multi-label terminal at 1.36578 confirms multi-degree completion. The simultaneous completion of waves at multiple degrees (x, (C), and 5) at the 1.36578 high is one of the strongest terminal confirmation signals available — indicating this high carries multi-degree structural significance and the subsequent A-B-C correction is structurally expected.
Expected Scenario and Potential Moves
Current Phase — Wave C completing at 1.3427–1.3360:
GBP/USD declines from current 1.34419 toward:
TP1: 0.618 Fibonacci at 1.34271 — the primary structural buy zone (only 15 pips from current price)
TP2: 0.786 Fibonacci at 1.33595 — the deeper corrective completion scenario
Next Phase — New bullish impulse above 1.3658:
Once Wave C completes, the next major bullish impulse drives above 1.36578 toward new structural highs.
Key structural reference points:
1.36757: Upper structural reference
1.36578: x/(C)/5 peak — Wave C upper bound / next bull target
1.35679: B-wave high — resistance
1.35000: Psychological resistance
1.34744: A-wave low — structural reference
1.34419: Current price — Wave C declining
1.34271: 0.618 Fibonacci — primary target (TP1)
1.33595: 0.786 Fibonacci — deeper target (TP2)
1.31402: Invalid Level — structural floor
Strategic Perspective for Traders
1. GBP/USD is approximately 15 pips from the TP1 structural buy zone. With current price at 1.34419 and the 0.618 Fibonacci at 1.34271, the Wave C completion zone is essentially imminent. This proximity creates the most actionable and time-sensitive structural setup in the current GBP/USD wave count.
2. The 1.3427–1.3360 double Fibonacci zone defines the structural buy range. The convergence of the 0.618 and 0.786 Fibonacci levels creates a structural buy band of approximately 70 pips width — providing traders with a clear zone within which Wave C completion and the next bullish impulse launch are expected.
3. The multi-phase bullish history validates the next bull setup. The three-phase bullish advance from 1.3140 — delivering (A) to 1.3440, (B) correction, and (C)/x to 1.3658 — establishes that GBP/USD's larger structural trend is bullish. The current A-B-C correction from 1.3658 is a corrective pause in that trend, not a reversal.
4. The 1.31402 Invalid Level provides a large structural buffer. With Wave C targeting 1.3427–1.3360 and the Invalid Level at 1.31402 — between 200–270 pips below the targets — the structural risk framework for bullish positioning from the C-wave completion zone is well-defined.
5. BoE policy, DXY direction, and UK macro data are the primary variables. GBP/USD's next bullish impulse thesis is consistent with DXY's own corrective phase. Any BoE hawkish signal or DXY weakness would accelerate the next GBP/USD advance from the Wave C completion zone.
Conclusion — Follow GBP/USD's Wave Structure With EWPlans
GBP/USD has delivered a multi-phase, multi-degree Elliott Wave sequence of exceptional structural detail — and is now within approximately 15 pips of the primary Wave C completion zone at 1.34271. The A-wave and B-wave are both complete. Wave C is active and approaching its 0.618 Fibonacci target. Once C completes in the 1.3427–1.3360 zone, the next major bullish impulse above 1.3658 is the structural move that follows. The Elliott Wave map, the Fibonacci levels, and the multi-degree structure all point to the same conclusion: the next great GBP/USD buying opportunity is imminent.
At EWPlans, we publish H4 and D1 Elliott Wave analysis on GBP/USD and 38 other instruments every single day. Our EWP Nexus-powered wave counts give forex traders the structural precision to navigate complex multi-phase sequences, identify Wave C completion zones, and position for the major bullish advances that follow.
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