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GBP/USD, H4 chart:
We will conclude the current trading week with a review of the situation for the GBP/USD currency pair. Let's consider it:
The market is still forming a downward wave bundle X, which takes a triple zigzag form. At the moment, we are in the final part of this triple zigzag, that is, wave [Z].
Like the first two operating sub-waves [W] and [Y], it is likely that wave [Z] will take the form of a standard zigzag (A)-(B)-(C).
Now, let's take a look at the details of the structure of wave [Z] on the hourly time frame.
GBP/USD, H1 chart:
Here, the downward wave [Z] consists of three main sub-waves (A)-(B)-(C).
The descending impulse wave (A), which consists of five sub-waves 1-2-3-4-5, was already done. And apparently, the upward corrective wave (B) has also come to an end. It is worth noting that it is a triple combination of zigzags and consists of sub-waves WXY-XX-Z. The [Z] sub-wave has a complex double zigzag formation.
After the correction (B) was completed, we saw a price reversal and the beginning of the development of an impulse wave (C). It is assumed that a small bullish correction 2 is now being formed.
Market participants can expect the end of the impulse wave (C) to reach the level of 1.3585. At this level, the values of the waves [Z] and [Y] will be equal to 100% on the Fibonacci lines.
Given the current situation, one can consider opening sales transactions.
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