In the long term, the GBPJPY currency pair is most likely moving within a cycle impulse. Now the third part of this impulse, wave III is under development.
The second half of the powerful impulse wave III is visible in the 1H timeframe. And the decline in the bearish correction of the primary degree may end soon. This correction takes the form of an intermediate triple zigzag.
Most likely, the price will fall to the previous low of 148.89. This was marked by the minor sub-wave W, and then we can expect a price increase in the primary wave ⑤. In turn, this wave may take the form of either an impulse or an ending diagonal.
The entire primary wave ⑤ could complete its pattern near 167.74. At that level, it will be at 61.8% of wave ③.
An alternative scenario suggests that the formation of the primary correction ④ may continue for a longer time than in the first variant. It may take the form of an intermediate double zigzag (W)-(X)-(Y).
The last actionary wave (Y) of the intermediate degree can take the form of a double combination and consist of minor sub-waves W-X-Y.
In this scenario, market participants may observe a bearish price movement within the final minor wave Y to the level of 142.76.
At that level, wave ④ will be at 61.8% along the Fibonacci lines of impulse ③.
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