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GBPUSD: Has the Primary Intervening Wave Ⓧ Ended?

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GBPUSD eyes the formation of a global corrective triple zigzag w-x-y-x-z. On the 1H timeframe, we see the final actionary wave z of the cycle degree.

The wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Perhaps the bullish price movement within the primary intervening wave Ⓧ has ended. This has taken the form of an intermediate double zigzag (W)-(X)-(Y).

It is likely that in the near future the bearish trend will continue to develop in the primary wave Ⓩ. This could complete its pattern near 1.143.

At that level, wave Ⓩ will be at the 76.4% Fibonacci extension of previous actionary wave Ⓨ.

According to an alternative variant, the formation of the primary intervening wave Ⓧ has not yet ended.

Thus, in the upcoming trading days, the price will increase in the bullish intervening wave Ⓧ.

Most likely, wave Ⓧ will take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. Its end is expected at 1.314. At that level, wave Ⓧ will be at 61.8% of wave Ⓨ.

After reaching the level of 1.314, the market could turn around and continue its downward movement in the primary wave Ⓩ.

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