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GBP/USD, H4:
Today we will analyze the situation with the GBP/USD currency pair. As in the previous trading week, the pair forms a global triple zigzag consisting of sub-waves W-X-Y-X-Z. This zigzag is part of a larger wave of the bundle [X], which is a double zigzag.
Throughout the past month, the market has been forming a descending wave, the bundle X, which consists of sub-waves [W]-[X]-[Y]-[X]-[Z]. Apparently, this wave is fully completed, and we are now in the initial part of the final active sub-wave Z.
Consider the layout of the last section of the graph on H1.
GBP/USD, H1:
It is assumed that wave Z will have the standard zigzag shape [A]-[B]-[C]. In the last section of the hourly time frame, we see the structure of the first part of this zigzag, that is, the wave [A].
Wave [A], judging by the internal structure, takes the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). Perhaps the first four sub-waves of this impulse are over, and now the development of the initial part of wave (5) is taking place.
In the coming trading days, we could see the price rise and the development of 3-4-5 sub-waves, as shown in the chart. The entire wave (5) can be completed to the level of 1.4045, where its value will be 76.4% of wave (3). In the current situation, we can consider opening long positions.
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