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GBPUSD Cycle Triangle Completion Near 1.410

0 3,082

The GBPUSD global wave e which is part of a cycle triangle, consists of an Ⓐ-Ⓑ-Ⓒ zigzag.

Currently, impulse wave Ⓒ of the primary degree has begun, as part of the fifth wave of the intermediate degree.

Minor correction wave 4 has ended, which took the form of a skewed triangle.

In the short term, we could see an upside in wave 5 in the 1.410 area. At that level, minor impulse 5 will be at 76.4% of wave 3.

gbpusd

An alternative scenario suggests wave will complete much earlier than in the main version.

It is possible that the minor impulse wave 5 has not yet fully completed. Therefore, a small pullback in the 4th minute degree correction is expected in the short term.

In the medium term, the formation of a new bearish trend is likely. With it, a decline in the price below the minimum formed by the minor correction 4 below 1.356.

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