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 Ⓐ.
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 Ⓐ.