By Orbex
In the long term, the GBPJPY pair seems to be forming a large correction trend, taking the form of a triple zigzag. On the 1H timeframe, the final actionary wave z of the cycle degree is visible.
It is likely that the wave z takes the form of a simple zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. After the end of correction Ⓑ, which took the form of a triple combination, prices began to rise.
It is possible that the first four parts are complete as part of the potential impulse Ⓒ. The currency could now grow within the intermediate impulse (5).
The completion of the entire wave Ⓒ is possible near 174.02. At that level, wave z will be equal to wave y.
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Alternatively, only the formation of the intermediate impulse (3), which is part of the primary wave Ⓒ, has come to an end.
Thus, a correction decline in the intermediate wave (4) could happen in the near future. It is possible that prices will fall to 159.74. At that level, correction (4) will be at 50% along the Fibonacci lines of impulse (3).
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Article by Orbex
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