GBPUSD Bulls Could be Targeting $1.445 Next

0 1,387

GBPUSD seems to be correcting into a cycle wave w under a primary degree triple zigzag. With the first four parts of the triple zigzag already formed, the last wave is under development in primary wave Ⓩ .

The structure in wave Ⓩ hints at a double zigzag (W)-(X)-(Y), which still requires wave (Y) of the intermediate degree correction to complete.

This final wave is likely to be a minor double zigzag and could end its pattern near $1.445. At that level, wave Ⓩ  will be at 76.4% of wave Ⓨ.


An alternative scenario sees a motive structure instead of a correction in wave w. Most likely, a cycle degree wave V is under completion into an ending diagonal move.

With correction wave ③ complete, we could now see a short-term pullback in wave ④.

As with all diagonals, the fourth wave is expected to enter the territory of wave one. We can therefore assume that primary wave ④ could end near the $1.393 area. At that level, it will be at 61.8% of wave ③.

Once wave ④ completes, primary wave ⑤ could send the pair above the $1.415 high.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.