The current formation of the GBPUSD currency pair suggests the development of a large intervening wave x of the cycle degree. This most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
The first four primary sub-waves seem complete. It is likely that the growth in the second intervening wave Ⓧ came to an end near 1.3748. It is similar to a double zigzag (W)-(X)-(Y) of the intermediate degree. Then the development of the primary wave Ⓩ began.
In the near future, the price is likely to continue to decline in the wave Ⓩ. This likely takes the form of an intermediate zigzag (A)-(B)-(C), as shown on the chart. The end of the market decline in this wave is likely to reach the 1.3117 area. At that level, wave Ⓩ will be at 76.4% of primary wave Ⓨ.
Let’s consider an alternative scenario, where the primary double zigzag Ⓦ-Ⓧ-Ⓨ ended. Now a cycle actionary wave y is developing.
Most likely, the wave y takes the form of a primary triple zigzag. In the upcoming trading weeks, we can expect an increase in the rate in the final double zigzag (W)-(X)-(Y). In turn, this can complete the wave Ⓩ near 1.393
At the specified price point, wave Ⓩ will be at 100% of wave Ⓨ.