Business is booming.

GBPUSD: Bullish Triple ZigZag Completion Coming Up!

Shop UltraWebHosting.com Now!

Ktafx

GBPUSD seems to be forming a cycle degree wave e. It is a triple zigzag that consists of primary corrective sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The first four parts of the primary degree pattern seem fully complete.

At the time of writing, final wave Ⓩ is under development. It is likely to take the form of a standard zigzag consisting of intermediate sub-waves (A)-(B)-(C).

In the short term, prices could rise to 1.281, which is the previous maximum formed by the wave Ⓨ.

gbpusd

In this situation, an alternative scenario is considered. Here we see that the bearish intervening wave Ⓧ of the primary degree has not yet completed. In this case, it could take the form of a double, rather than a triple zigzag.

Currently, the market is moving up in an intervening wave (X) consisting of sub-waves A-B-C, which could soon be completed.

In the short term, we could see the price rise to 1.259. At that level, minor impulse C will be at the 123.6% of correction B.

Afterward, the decline in zigzag (Y) to 1.225 on the support line, could be seen.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

Published at Thu, 02 Jul 2020 15:01:58 +0000-GBPUSD: Bullish Triple ZigZag Completion Coming Up!

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x