Forex Trading Library

GBPUSD Triple Zigzag Pushes to 1.30!

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In the long term, the GBPUSD pair suggests the construction of a correction wave IV of the cycle degree.

Most likely, this correction takes the form of a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of the correction pattern have ended.

The final actionary wave Ⓩ could take the form of a standard zigzag (A)-(B)-(C), as shown in the chart. It seems that the first wave (A) in the form of an impulse has ended. In the near future, prices could begin to adjust in wave (B) approximately at 1.211, or even lower. At that level, correction (B) will be at the 50% Fibonacci extension of impulse (A).

Alternatively, the formation of an intermediate impulse wave (A) has not yet been completed. Most likely, the market in this impulse can rise to the price level of 1.271.

At that level, minor sub-wave 5, which is part of the impulse (A), will strive for equality with the previous impulse 3.

Test your strategy on how the GBP will fare

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