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 Ⓧ.
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
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.
Time to put your research to the test! Open your Orbex account and start trading now!
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
- Economic activity in China is slowing. Silver has fallen by more than 8% May 18, 2026
- USD/JPY Rises for Sixth Straight Day: Yen Back on the Cusp of Intervention May 18, 2026
- Optimism surrounding the US-China summit in Beijing supported the markets May 15, 2026
- Gold Falls on US Inflation Concerns as Week Ends in Losses May 15, 2026
- The oil market may remain in a state of severe supply shortage until autumn May 14, 2026
- GBP/USD Under Policy Pressure: What Lies Ahead for the Prime Minister? May 14, 2026
- European stock markets declined amid rising concerns about an energy crisis May 13, 2026
- USD/JPY Continues to Climb Amid External and Domestic Pressures May 13, 2026
- You can change your emotions – but it’s a 2‑step process that takes some effort May 12, 2026
- The United States rejected Iran’s proposal for resolving the conflict. Oil prices surged again May 12, 2026
