The formation of the GBPUSD currency pair suggests the development of a large double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
The chart shows the internal structure of the final actionary sub-wave Ⓨ. This is similar to a bearish triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree. The intermediate sub-waves (W)-(X)-(Y)-(X) have ended. And now we expect that the last sub-wave (Z) will weaken prices even more.
The assumption is that the wave (Z) takes the form of a triple zigzag, for the end of which minor sub-waves X and Z are necessary. Soon, the intervening wave X could come to an end, and then there could be a fall towards the 1.324 level.
An alternative scenario shows the primary double Ⓦ-Ⓧ-Ⓨ zigzag and that the intervening wave x of the cycle degree has ended.
Thus, the ascending section that has been built in recent days could indicate the beginning of the development of a cycle actionary wave y.
The upcoming bullish growth could reach the level of 1.389. After the price reaches the specified price level, the rate could continue to rise even higher.
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