By Orbex
The formation of the GBPUSD currency pair suggests the development of a large double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
The chart shows the internal structure of the final actionary sub-wave Ⓨ. This is similar to a bearish triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree. The intermediate sub-waves (W)-(X)-(Y)-(X) have ended. And now we expect that the last sub-wave (Z) will weaken prices even more.
The assumption is that the wave (Z) takes the form of a triple zigzag, for the end of which minor sub-waves X and Z are necessary. Soon, the intervening wave X could come to an end, and then there could be a fall towards the 1.324 level.
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An alternative scenario shows the primary double Ⓦ-Ⓧ-Ⓨ zigzag and that the intervening wave x of the cycle degree has ended.
Thus, the ascending section that has been built in recent days could indicate the beginning of the development of a cycle actionary wave y.
The upcoming bullish growth could reach the level of 1.389. After the price reaches the specified price level, the rate could continue to rise even higher.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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