By Orbex
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.
Probably, the first four parts of this construction, that is, the primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ, are already fully complete. It is likely that the growth in the second intervening wave Ⓧ has come to an end. In fact, it looks like a double zigzag (W)-(X)-(Y) of the intermediate degree.
The end of the market decline in the final primary wave Ⓩ could reach the level of 1.312. At that level, wave Ⓩ will be at 76.4% of primary wave Ⓨ.
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According to an alternative scenario, the primary double zigzag Ⓦ-Ⓧ-Ⓨ came to an end. And with it a large intervening wave x of the cycle degree ended.
Thus, the ascending section (which was formed after the cycle wave x), could indicate the beginning of the development of the cycle actionary wave y.
In the upcoming trading weeks, an increase in the primary wave Ⓩ near 1.379 is likely. At the specified price point, wave Ⓩ will be at 76.4% of wave Ⓨ.
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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