By Orbex
The GBPJPY currency pair is moving within a cycle impulse. Now the third part of this impulse is under development.
We can assume that the correction wave ④ of the primary degree was fully complete at the end of December. This correction took the form of an intermediate triple zigzag.
Currently, we see the price rise in the primary wave ⑤. This takes the form of an intermediate 5-wave impulse.
The primary wave ⑤ can complete its pattern near 160.77. At that level, it will be at 50% of wave ③.
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In the second variant, the wave ⑤ is a complete ending diagonal consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
Together with the primary wave ⑤, the cycle impulse sub-wave III ended. Then prices dropped in the development of a cycle correction IV. This wave can take the form of a primary double zigzag.
It is possible that wave IV will be at 38.2% of impulse III. In fact, it could complete its pattern near 147.36.
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Article by Orbex
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