In today's article, we will analyze the situation for the GBP/USD currency pair.
On the higher time frames, the structure of the upward wave of the bundle [X], which has the shape of a double zigzag, is presented. The final part of the wave (Y) is now forming. The whole wave (Y) is a triple zigzag W-X-Y-X-Z.
At present, the second wave of the bundle X is under development, the structure of which also resembles a triple combination of zigzags. Consider the marking of the indicated wave on a smaller time frame.
On the hourly time frame, the inner part of the descending triple zigzag [W]-[X]-[Y]-[X]-[Z] is shown, which forms a bundle wave X.
Subwaves [W]-[X]-[Y]-[X] have been completed, where waves [W] and [Y] and the second bundle wave [X] are standard zigzags, and the first bundle wave [X] is a double zigzag (W)-(X)-(Y).
The final operating subwave [Z] is expected to have a standard zigzag shape (A)-(B)-(C) as indicated on the chart. Impulse (A) looks complete, an upward corrective wave (B) may also come to an end soon, forming a triple zigzag.
After the end of wave (B), we could see the downward price movement in the impulse wave (C) towards the level of 1.358. At this level, the zigzag waves [Y] and [Z] will tend to be equal.