By Orbex
The current GBPUSD structure suggests a correction decline within the major trend. This takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. A bearish wave Ⓨ is currently developing.
Wave Ⓨ is a triple zigzag (W)-(X)-(Y)-(X)-(Z) of smaller degree. At the moment, the price is moving lower and a zigzag pattern A-B-C is forming. This can complete the intermediate wave (Z) at the level of 1.267.
At the specified price point, primary wave Ⓨ will be equal to wave Ⓦ. After reaching the level of 1.267, prices could move higher in the primary intervening wave Ⓧ.
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According to an alternative scenario, the formation of the primary wave Ⓨ has already come to an end.
Thus, in the next coming trading days, prices will increase in the bullish intervening wave Ⓧ.
Most likely, the wave Ⓧ will take the form of a simple zigzag (A)-(B)-(C) of the intermediate degree. It could end near 1.356. At that level, wave Ⓧ will be at 76.4% of wave Ⓨ.
The approximate internal structure of the intermediate zigzag (A)-(B)-(C) is shown by trend lines.
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Article by Orbex
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