The GBPJPY pair suggests the development of the final part of the cycle wave y that takes the form of a double zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ. The last actionary wave Ⓨ is currently under development.
The primary wave Ⓨ is a standard (A)-(B)-(C) zigzag. In early June, impulse wave (A) completed. Since then, the market has been moving within the intermediate correction (B), forming a minor triple zigzag.
Then, an impulse price rise is expected in the intermediate wave (C) near 160.17. At that level, the intermediate wave (C) will be at 61.8% of impulse wave (A).
Alternatively, a large triple zigzag, within which the development of the primary second intervening wave Ⓧ is now taking place.
In the short term, it is likely that the price could decline in the minor impulse wave C towards 146.49. At that level, intermediate sub-waves (Y) and (Z) will be equal.