GBPUSD is forming a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. We are now in the final leg of the specified construction, in the sub-wave Ⓩ. It’s likely that it takes the form of a double (W)-(X)-(Y) zigzag of the intermediate degree.
The intervening wave (X), consisting of minor sub-waves W-X-Y as a double zigzag, has come to an end.
In the short term, prices could rise in the intermediate actionary wave (Y). This can repeat the structure of the previous two sub-waves and take the form of a double W-X-Y zigzag.
The completion of the primary wave Ⓩ is possible near 1.4283. At that level, intermediate wave (Y) will be at 123.6% of wave (W).
The alternative scenario suggests that the market has not yet completed the construction of the second intervening wave Ⓧ of the primary degree.
This could take the form of a double (W)-(X)-(Y) zigzag of the intermediate degree. For its complete configuration, the last actionary sub-wave (Y) is necessary. It is likely that it will be a double W-X-Y zigzag.
At the moment, only the first minor wave W has ended. Therefore, the development of the remaining two sub-waves X and Y in the direction of the 1.3402 level is possible in the near future.
At the specified level, wave (Y) will be at 100% of wave (W).
