12 Jan

GBPUSD Primary Zigzag Wave Ⓩ To Lower Prices

January 12, 2022

By Orbex

GBPUSD

The formation of the GBPUSD currency pair suggests the development of a large intervening wave x of the cycle degree. This most likely takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag of the primary degree.

Most likely, the first four parts of this construction, that is the primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ, have already completed their pattern fully. It is likely that the growth in the second intervening wave Ⓧ has come to an end. It looks fully formed with a double zigzag (W)-(X)-(Y) of the intermediate degree.

Thus, if the intervening wave Ⓧ is completed, then shortly a price decrease is expected in the final primary wave Ⓩ. It will probably take the form of an intermediate zigzag (A)-(B)-(C).

The end of the market decline in this wave could reach the level of 1.297. At that level, wave Ⓩ will be at 76.4% of primary wave Ⓨ.

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




GBPUSD

An alternative scenario shows the primary double Ⓦ-Ⓧ-Ⓨ zigzag ended. This could indicate the beginning of the development of the cycle actionary wave y.

In the next coming trading weeks, we can anticipate the development of primary sub-waves Ⓧ-Ⓩ, as shown in the chart.

The end of the wave Ⓧ is possible in the area of the 1.343 level. Then wave Ⓩ will most likely strive for equality with wave Ⓨ and could end around the 1.386 mark.

Orbex-LogoArticle 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


investmacro cot newsletter




Financial News Forex and Currency News