GBPUSD Bulls Target Triple Zig-Zag Pattern

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GBPUSD hints at a cycle wave e consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

With waves Ⓦ-Ⓧ-Ⓨ-Ⓧ complete, we could now expect wave Ⓩ to conclude the triple combination.

We recently saw the end of the intermediate correction (4). Prices are now moving up in intermediate wave (5).

In the near future, prices could rise to 1.350. At that level, wave (5) will be at 161.8% of impulse (3).

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An alternative scenario shows wave (4) taking the form of a horizontal triangle.

Price could move approximately as indicated on the chart, forming a symmetrical correction.

We could expect the contracting pattern to end near 1.300. At that level, correction wave (4) will be at 50% of impulse (3).

This is where prices are expected to complete wave (4) and then rise above the previous high.

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