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GBPUSD 5-Wave Impulse Likely To Complete Correction
The current GBPUSD formation hints at a triple zigzag pattern. It consists of five primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the time of writing, we see the development of a simple zigzag in wave Ⓩ. Intermediate sub-waves (A) and (B) are complete, whereas impulse (C) is under construction. In the short term, we can expect minor wave 5 to end near the 1.344 area. At that level, wave Ⓩ will be at 161.8% of wave Ⓨ. An alternative scenario indicates that cycle wave e is taking a standard zigzag Ⓐ-Ⓑ-Ⓒ formation. Waves Ⓐ and Ⓒ are 5-wave impulses, whereas wave Ⓑ is a flat correction. In the short-term, we can expect prices to extend ... (full story)