The GBPJPY formation suggests the development of the final part of the cycle wave y. This takes the form of a double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ. The last actionary wave Ⓨ is currently under development.
The impulse wave (A) ended in early June, since then the market has been moving within the intermediate correction (B), forming a minor triple zigzag. It is possible that soon wave (B) will complete its pattern in the area of the previous low of 148.45, marked by the minor wave Y.
Then analysts expect an impulse price rise in the intermediate wave (C) near 160.20. At that level, the intermediate wave (C) will be at 61.8% of impulse wave (A).
An alternative scenario suggests the formation of a large triple zigzag.
The internal structure of wave Ⓧ is similar to a triple zigzag of the intermediate degree.
It is possible that sub-waves (W)-(X)-(Y)-(X) have ended, with the final actionary wave (Z) developing.
In the near future, we can expect the market to decline in the minor wave C to the 146.49 area. At that level, actionary intermediate sub-waves (Y) and (Z) will be equal.