The GBPUSD currency pair is forming a bullish cycle wave w.
The wave w, judging by its internal structure, takes the form of a triple zigzag and consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
Wave Ⓩ could take the form of a double zigzag of the intermediate degree. This requires the sub-wave (Y) to complete. Wave (Y) could be simple in its structure and will take the form of an A-B-C zigzag.
It is likely that we will see the end of the A-B-C zigzag near the 1.471 area. At that level, wave Ⓨ and Ⓩ will be equal.
However, it is possible that the first actionary wave (W) of the intermediate degree has ended. The descending section on the chart is the beginning of the bearish impulse A.
There is a possibility that a move lower will form an intervening wave (X), which can take the form of a minor A-B-C zigzag.
The end of the wave (X) is expected near the level of 1.379, where it will be at 76.4% of wave (W).
Bulls can then lead the market in a wave (Y) above the previous high above 1.425.
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