GBPUSD Primary Triple Zigzag To End Near 1.077

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The internal structure of the currency pair GBPUSD suggests the formation of a global triple zigzag wxyxz. On the 1H time frame, we see the final action wave z of the cycle degree.

The z wave takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the beginning of August, the bullish price movement within the primary intermediate wave Ⓧ ended. This took the form of a medium zigzag (A)-(B)-(C).

It is likely that in the near future the bearish trend will continue to develop in the primary wave Ⓩ. This could complete its average triple zigzag pattern (W)-(X)-(Y)-(X)-(Z) near 1.077.

At that level, wave Ⓩ will be at the 76.4% Fibonacci extension of previous action wave Ⓨ.

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However, the cyclone z could be fully completed. As in the main version, it has the shape of a primary triple zigzag.

In the next trading weeks, construction of the first impulse wave of a possible zigzag of the primary degree is likely.

The price could rise to the previous high of 1.266, and then even higher.

Test your strategy on how the GBP will do! Open your Orbex Account and start trading now.

The post GBPUSD Primary Triple Zigzag To End Near 1.077 appeared first on Orbex Forex Trading Blog.

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