GBP/USD: Is the Pound ready for a bearish trend?
|In the long run, GBPUSD seems to be forming a global triple zigzag w-x-y-x-z, in which the final actionary wave z develops.
Wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, in which we see 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 in the form of a minute zigzag to a minimum of 1.092.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.