GBP/USD Eyes Wave Five Low as Break Below 1.314 Opens 1.249-1.294 Target Zone

The GBP/USD pair has been sliding since its August 21 high at 1.3474, with the move framed as a five-wave impulse.

This downward movement is expected to continue, with wave ((v)) nearing completion and setting up a three-wave corrective rally before the broader bearish trend resumes.

Further confirmation of this expectation comes from a break beneath the June 24 low at 1.314, which would validate five swings down and keep the wave count aligned with a double three correction labelled (W)-(X)-(Y).

The next support cluster referenced by the analysis targets the Fibonacci extension framework: the 100% to 161.8% projection of wave (W) targets 1.249 to 1.294.