26 Oct

GBPUSD Cycle Wave Y Hints At Double Zigzag

October 26, 2021

By Orbex

The current structure of the GBPUSD pair suggests a large cycle double w-x-y zigzag in the long term.

It is likely that the cycle intervening wave x has come to an end. It consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ and has the form of a double zigzag.

From the beginning of October to the present day, the price rises within the initial part of the actionary wave y. This can take the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, as shown on the chart.

The price could rise above the high of 1.3986, which was marked by the primary intervening wave Ⓧ.

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GBPUSD

An alternative scenario shows that the construction of the cycle wave x will continue. Its final primary wave Ⓨ could be more complex in structure than in the first scenario. And it may take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).

In the short term, the pair could decline in the intermediate wave (Z) near 1.330. At that level, primary actionary sub-waves Ⓨ and Ⓦ will be equal.

Then the cycle wave y can send the market above the high of 1.391.

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