In our opinion GBPUSD could provide two opportunities. The first one is to sell. On the 15-minute chart we have to wait for wave “b” to end around 1.6680 and go short for wave “c” down. This pair could fall as low as 1.6550.
The second opportunity should occur, when wave “c” ends. On the 1-hour chart of GBPUSD we assume a double zig-zag correction labeled W-X-Y. After every corrective pattern the larger trend is supposed to resume. In this case the larger trend is pointing up. So, when wave “c” ends, wave Y ends as well, thus completing the whole W-X-Y. Looking forward, GBPUSD is expected to exceed the top at 1.6822.
Of course, there is always a possibility for a triple zig-zag W-X-Y-X-Z. That is why each and every trade must be closely observed and managed.
