The current GBPUSD structure hints to a simple zigzag in cycle-degree wave e.
Primary sub-waves Ⓐ and Ⓑ are fully complete, whereas wave Ⓒ has completed intermediate waves (1)-(2)-(3) and (4).
With correction wave (4) having taken a complex zigzag formation, bulls could lead prices up to 1.378.
At that level, impulse Ⓒ will be at 123.6% Fibonacci extension of wave Ⓐ.
An alternative scenario shows that cycle wave e is a triple zigzag. Sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ are fully complete whilst wave Ⓩ is still under development.
The primary wave Ⓩ consists of an intermediate degree (A)-(B)-(C) correction.
In this case, we could see a decline in the intermediate correction (B) near 1.264. This will be at 61.8% Fibonacci retracement of wave (A).
After this correction, we expect prices to rise in wave (C) near 1.327.
