Forex Trading Library

GBPUSD Triple Zigzag Hints at Parity Test!

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GBPUSD formation suggests the formation of a global corrective triple zigzag w-x-y-x-z trend.

The final wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. It is possible that a bearish trend is currently developing in the primary wave Ⓩ. This could take the form of an intermediate double zigzag (W)-(X)-(Y). The formation of the intervening wave (X) has recently ended. The last sub-wave (Y) will likely take the form of a double zigzag W-X-Y.

The end of the first actionary wave W is expected at a minimum of 1.095.

Alternatively, it is assumed that the cycle wave z could be fully completed as a primary triple zigzag.

Thus, we see that since the end of September, bulls have started to move the price into a new trend.

Perhaps we are seeing the formation of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, where the first four parts are already formed.

In the last section of the chart, the final actionary wave Ⓩ is formed. It will most likely be at 76.4% of wave Ⓨ, and will end near the level of 1.282.

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