GBP/USD, H4 time frame:
It is assumed that there will be a formation of a global triple zigzag for the GBP/USD pair in the long term.
Analyzing the four-hour time frame, one can see the final part of the completed active wave Y, which took the form of a double zigzag [W]-[X]-[Y]. The internal structure of the bundle X wave can also be observed. The wave bundle X hints at the horizontal pattern of wave plane [A]-[B]-[C].
According to Elliott's rules of planes, the first two sub-waves are corrective, and the last third wave has an impulse form. We can trace this rule on our graph, where the sub-waves [A] and [B] are zigzags. At the moment, a bearish impulse wave [C] is being formed, in particular, its middle part is the impulse (3).
The development of sub-waves (3)-(4)-(5) to the level of 1.3460 is expected in the near future based on the chart.
The target is determined using the Fibonacci line tool. At this level, the value of wave X will be 50% of wave Y. There is a high probability of reaching the specified ratio.
Currently, one can consider opening sell deals in order to take profit at the specified level.
