The GBPJPY pair currently shows a bullish intervening wave X of a cycle degree. This takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag of the primary degree.
The first four sub-waves are already fully complete, whereas the final actionary sub-wave Ⓩ is still under development.
Wave Ⓩ also has the structure of a triple combination. At the moment the final impulsive wave C is formed in the intermediate zigzag (Z).
In the near future, we could see the construction of minute sub-waves iii, iv, and v to the level of 145.60. At that level, minor impulses A and C will be equal.
An alternative scenario assumes that the intermediate wave (Z) has a more complex formation.
Here, the wave (Z) is a triple zigzag, just like the main trend.
It is likely that the actionary wave Y has come to an end, with prices declining within the intervening wave X to the 141.74 area.
At that level, it will be at 50% of minor wave Y.
