GBPUSD: Bullish Triple ZigZag Completion Coming Up!

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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 Ⓨ.

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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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