GBPUSD ZigZag Likely to Complete Soon

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GBPUSD shows a corrective bullish trend consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ.

Wave Ⓐ is a 5-wave impulse and wave Ⓑ is a double three consisting of intermediate sub-waves (W)-(X)-(Y). Impulse wave Ⓒ is currently under development.

At the time of writing, minor waves 1 and 2 of the primary wave Ⓒ are complete. We now expect prices to rise in waves 3-4-5 near 1.3030.

At that level, wave Ⓒ will be at the 61.8% Fibonacci extension of wave Ⓐ.

gbpusd

An alternative scenario is considered though. Accordingly, primary corrective wave Ⓑtakes the form of a double three (W)-(X)-(Y). It has not yet completed.

We can expect the zigzag in intermediate wave (Y) to end lower.

Therefore, the pair could continue to weaken in impulse wave C near the 1.2180 area.

At that level, primary wave Ⓑ will be at the 38.2% of wave Ⓐ.

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