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The GBPJPY currency pair seems to be forming a cycle wave y, which takes the form of a double zigzag.

On the chart, we could see the structure of the last actionary wave Ⓨ of the primary degree, which hints at a simple (A)-(B)-(C) zigzag.

Let’s pay attention to the last intermediate wave (C), which is currently under construction. It seems that its first four sub-waves are already completed. So there is room for growth in the final wave 5 to the 161.70 area.

At that level, intermediate impulse wave (C) will be at 76.4% of wave (A).

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The alternative suggests that the cycle wave y will be more complex in its structure. This means it will take the form of a triple zigzag rather than a double one.

In this case, we can assume that the primary actionary wave Ⓨ in the form of a double zigzag was completed.

Then the market began to build a primary intervening wave Ⓧ. This wave will probably have a simple zigzag shape.

At the moment, we see a completed wave (A) of the intermediate degree. This has the structure of the leading diagonal, and the correction (B) also looks complete.

Thus, in the short term, the market could move down in wave (C) to 149.02, marked by a minor wave B.