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The GBPUSD structure shows a bullish zigzag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ. The 3-wave pattern is the final part of a cycle-degree triangle a-b-c-d-e.
Currently, prices are structuring an intermediate-degree impulse in wave Ⓒ.
Wave (4) of Ⓒ was recently completed. This is the signal for a move in wave (5).
Wave (5) could take us to 1.303. At that level, wave Ⓒ will be at the 76.4% Fibonacci extension of wave Ⓐ.
An alternative scenario suggests that the intermediate correction wave (4) is not yet complete.
The said wave could take the form of a triangle that consists of minor waves A-B-C-D-E. The contracting triangle could complete near 1.248. This could last a few days before completing in full.
At that level, correction (4) will be at 50% of impulse wave (3).
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