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GBPUSD Bearish Trend Begins with Triple Zigzag

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Chart of GBPUSD

In the long run, GBPUSD seems to be forming a global triple zigzag w-x-y-x-z.

The final wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Now the focus in on the development of the primary wave Ⓩ. It can take the form of a 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 double zigzag W-X-Y.

The first actionary leg W can end as a minute zigzag to a minimum of 1.092.

Chart of GBPUSD

In the second scenario, the wave z could be fully completed. And now the bulls can move the price up within the new trend.

It is assumed that the formation of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ occurs, where the first four parts are already formed.

In the last section of the chart, the final actionary wave Ⓩ is formed, the structure of which is similar to a double zigzag (W)-(X)-(Y). Most likely, it will be at 76.4% of wave Ⓨ, and will end near 1.300.

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