GBPUSD H1: Final Leg Down Before the Bigger Rally?Great British Pound vs. US DollarFX:GBPUSDSamuel124Good morning, traders! It’s been a while! I trust trading has been going well for you. This week is packed with high-impact economic events, including the FOMC decision and key US economic data. With volatility potentially picking up, staying disciplined and prepared is more important than ever. Allow me to share my GBPUSD outlook (both the near-term and bigger picture) ahead of today’s US Advance GDP and Core PCE releases. Let’s look at what the charts are telling us and the key levels to watch. Overview: GBPUSD appears to be completing a larger Wave 2 correction. Price appears to be in the impulsive wave C that will complete the Z leg. The decline from 1.34189 is unfolding in five waves, with Wave 5 potentially targeting 1.3274–1.3192, with an extended move toward 1.3137 possible. Entry: I'm selling a bounce into 1.3316–1.3338, which appears to be just under the subwave 4 high on a lower time frame (H1), rather than at market. My near-term Stop: 1.3360. That’s above 1.33547, the wave 1 low: by Elliott wave rules wave 4 can’t go above it, so trading there kills the five-wave count on H1. Targets: 1.3274, then 1.3234, then 1.3192. I will leave only a small runner for 1.3137. Risk/reward: about 25 pips of risk. That’s roughly 2.5:1 to 1.3274, 4:1 to 1.3192 and 8:1 to 1.3137. A break above 1.33547 invalidates my immediate bearish count. Once the correction completes, the broader Elliott Wave outlook favours a rally toward 1.3870–1.4054. The bullish scenario remains valid while price holds above 1.30097. Conclusion: I will watch for a final five-wave decline followed by bullish reversal confirmation. This is a counter-trend setup; manage risk accordingly. Cheers and happy trading!