On the 1H timeframe of the GBPJPY currency pair, we see the final part of a large cycle wave y. It takes the form of a double zigzag. The final primary wave Ⓨ is currently under development.
The wave Ⓨ is a standard zigzag (A)-(B)-(C), where the bullish impulse (A) and the bearish correction (B) are fully complete with sub-waves of a minor degree.
It is assumed that at the moment we see the development of the beginning of the intermediate impulsive wave (C), which can send prices to the 159.31 area. At that level, impulse (C) will be at the 61.8% Fibonacci extension of impulse (A).
However, if the minor corrective wave (B) is not complete, an alternative scenario should be considered.
According to this view, we could assume that wave (B) will have a double zigzag structure W-X-Y. It seems that wave X has come to an end. Soon, the price will begin to fall within the final zigzag of the minute degree, which forms a minor wave Y, as shown in the chart.
We could expect the end of wave Y to reach the 145.31 level. There, the entire correction (B) will be at 50% of impulse (A).
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