05 Nov

GBPJPY Bullish Impulse Nears Completion

November 5, 2021

By Orbex

The GBPJPY currency pair suggests the development of the final part of the cycle wave y, which takes the form of a double zigzag and consists of sub-waves Ⓦ-Ⓧ-Ⓨ. Now the last actionary wave Ⓨ is under development.

Apparently, the primary wave Ⓨ is a standard zigzag (A)-(B)-(C).

At the end of September, the intermediate correction (B), which has the form of a triple zigzag, was completed. Then the market began to grow in an impulse wave (C). It consists of minor sub-waves 1-2-3-4-5, where the first four sub-waves already formed.

In the near future, growth is possible in sub-wave 5 near 160.64. At that level, wave (C) will be at 61.8% of wave (A).

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GBPJPY

An alternative scenario suggests the formation of a large triple zigzag, within which the development of the primary intervening wave Ⓧ is now taking place.

The internal structure of this wave is similar to a triple zigzag of the intermediate degree. The sub-waves (W)-(X)-(Y)-(X) could have ended.

Currently, an actionary wave (Z) is forming, which can take the form of a triple zigzag W-X-Y-X-Z. Then a decline in the minor sub-waves Y-X-Z to the previous low of 149.00 is likely.

Orbex-LogoArticle by Orbex

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