GBPUSD Has Cycle Wave X Ended?

The formation of the GBPUSD currency pair suggests the development of a large double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.

The chart shows the internal structure of the final actionary sub-wave Ⓨ. This is similar to a bearish triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree. The intermediate sub-waves (W)-(X)-(Y)-(X) have ended. And now we expect that the last sub-wave (Z) will weaken prices even more.

The assumption is that the wave (Z) takes the form of a triple zigzag, for the end of which minor sub-waves X and Z are necessary. Soon, the intervening wave X could come to an end, and then there could be a fall towards the 1.324 level.


An alternative scenario shows the primary double Ⓦ-Ⓧ-Ⓨ zigzag and that the intervening wave x of the cycle degree has ended.

Thus, the ascending section that has been built in recent days could indicate the beginning of the development of a cycle actionary wave y.

The upcoming bullish growth could reach the level of 1.389. After the price reaches the specified price level, the rate could continue to rise even higher.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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