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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.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
