The current formation of the GBPUSD pair suggests the development of a large double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ. The chart shows the final actionary sub-wave Ⓨ. This is similar to a bearish triple (W)-(X)-(Y)-(X)-(Z) zigzag 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.
It is assumed that the wave (Z) will take the form of a double zigzag, the end of which requires a minor wave Y, or rather its last minute wave ⓒ. Perhaps, with the wave ⓒ going down, the GBPUSD rate will fall to the level of 1.292.
At that level, wave Y will be at 123.8% of wave W. The probability of achieving this coefficient is high.
According to an alternative scenario, the primary double Ⓦ-Ⓧ-Ⓨ zigzag has come to an end, and with it, a large intervening wave x of the cycle degree has been completed.
The currency pair can reach the level of 1.383. This was marked by an intervening wave (X) of the intermediate degree. After the price reaches the specified price level, the rate could continue to rise to higher levels.
