GBPUSD seems to be forming a cycle degree wave e. It is a triple zigzag that consists of primary corrective sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The first four parts of the primary degree pattern seem fully complete.
At the time of writing, final wave Ⓩ is under development. It is likely to take the form of a standard zigzag consisting of intermediate sub-waves (A)-(B)-(C).
In the short term, prices could rise to 1.281, which is the previous maximum formed by the wave Ⓨ.
In this situation, an alternative scenario is considered. Here we see that the bearish intervening wave Ⓧ of the primary degree has not yet completed. In this case, it could take the form of a double, rather than a triple zigzag.
Currently, the market is moving up in an intervening wave (X) consisting of sub-waves A-B-C, which could soon be completed.
In the short term, we could see the price rise to 1.259. At that level, minor impulse C will be at the 123.6% of correction B.
Afterward, the decline in zigzag (Y) to 1.225 on the support line, could be seen.
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