The formation of GBPUSD suggests the development of a corrective trend. Most likely a triple zigzag is currently being built. This consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary grade.
The first four parts of this construction are fully completed. In April, the bulls began raising prices in the final action wave. Most likely, wave Ⓩ will have the structure of a double combination (W) – (X) – (Y) of the middle degree.
Waves (W) and (X) ended and the development of the last bullish wave (Y) had just begun.
It is possible that the price in the wave (Y) will rise to 1.4490, so significantly above the maximum of 1.4254. At that level, mean wave (Y) will be at 123.6% of wave (W).
An alternative scenario suggests that the market has completed only part of the global triple zigzag, i.e. wave Ⓨ.
Therefore, we could expect the development of the second middle wave. This wave could have the internal structure of a middle double zigzag (W) – (X) – (Y).
In the near future, market participants could see the end of the middle zigzag wave (X). Then the price will continue to fall in the last wave (Y) to 1.3449. At that level, wave Ⓧ will be at 76.4% of wave Ⓨ.
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