GBPUSD Bullish Impulse (5) Hints At 1.3689

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The current GBPUSD structure shows a bullish impulse Ⓒ, consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).

Wave (4) completed as a horizontal contracting A-B-C-D-E triangle.

We could expect a rise in wave (5) near the 1.368 level. At that level, impulse wave (5) will be at 76.4% of intermediate impulse (3).

gbpusd

An alternative scenario indicates that the intermediate corrective wave (4) is not yet complete.

It is likely that the specified wave is a bearish double zigzag consisting of minor sub-waves W-X-Y. Waves W and X are fully complete as simple zigzags. We could expect the development of wave Y to begin soon.

A rise in the final part of wave X is likely towards 1.330. At that level, wave X will be at 76.4% of wave W.

A decline to the area of 1.245 in wave Y is expected and would respect the tenancy of zigzags W and Y being equal.

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