The structure of the GBPUSD currency 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.
Wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Perhaps at the beginning of August this year, the bullish price action ended within the small primary intervening wave Ⓧ. This took the form of an intermediate zigzag (A)-(B)-(C).
After that, we saw the continuation of the bearish trend in the primary wave Ⓩ. This could complete its intermediate triple zigzag pattern (W)-(X)-(Y)-(X)-(Z) near the 1.030 mark.
At that level, wave Ⓩ will be at the 100% Fibonacci extension of previous actionary wave Ⓨ.
An alternative scenario shows that the cycle wave z could have ended. This had the form of a primary triple zigzag, as suggested above.
In the coming trading weeks, the first impulse wave Ⓐ of a potential zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree could begin.
The end of the impulse Ⓐ is expected near 1.1957. At that level, intermediate sub-waves (3) and (5) will be equal.
