GBPUSD Is a New Bearish Trend Starting?
GBPUSD could lead to the formation of a global corrective triple zigzag w-x-y-x-z.
The final wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary wave Ⓩ could take the double zigzag pattern (W)-(X)-(Y).
The formation of the intervening wave (X) has recently ended. There is a high probability that the last sub-wave (Y) will take the form of a zigzag A-B-C.
The end of the first impulse wave A is expected at a minimum of 1.095.
Alternatively, it is assumed that the cycle wave z could has ended. Thus, we see that since the end of September, bulls have started to move the price up in a new trend.
Perhaps we are seeing the development of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four waves 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 1.298.