The GBPUSD structure suggests the formation of a global corrective triple zigzag w-x-y-x-z. On the 1H timeframe, we see the final actionary wave z of the cycle degree.
The wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the end of May, the bullish price movement within the primary intervening wave Ⓧ ended. This took the form of an intermediate double zigzag (W)-(X)-(Y).
It is likely that in the near future the bearish trend will continue in the primary wave Ⓩ. This could complete its intermediate double zigzag (W)-(X)-(Y) pattern near the 1.143 mark. The intermediate wave (W) can also take the form of a double zigzag W-X-Y.
At that level, wave Ⓩ will be at the 76.4% Fibonacci extension of previous activonary wave Ⓨ.
According to an alternative scenario, the formation of the primary intervening wave Ⓧ has not yet ended.
Thus, in the upcoming trading days, a price increase and the development of a bullish intervening wave Ⓧ is likely.
Wave Ⓧ will take the form of a zigzag (A)-(B)-(C) of the intermediate degree. Its end is likely near 1.276. At that level, wave Ⓧ will be at 50% of wave Ⓨ. The probability of achieving this coefficient is high.
After reaching the level of 1.263, prices could turn around and continue its downward movement in the primary wave Ⓩ.
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