GBP/USD, H4 chart:

Today, we will take a look at the current situation of the GBP/USD pair.

It can be seen that the first part of the downward impulse wave continues to develop, which started to form after the large wave (Y), which is a double zigzag, was completed.

Here, the bearish wave [1] in the form of a five-wave impulse, as well as the bullish correction [2] to this impulse, is already done with its form. We can note that the correction [2] is a double zigzag.

Now, let's see the details of the last part of the chart in the hourly (H1) time frame.

GBP/USD, H1 chart:

The market reversed and started constructing the initial part of the downward impulse, following the completion of the upward correction wave [2], which consists of sub-waves (W)-(X)-(Y).

Over the past day, the market completed the development of the first part of the new impulse, namely wave (1), which has an impulse structure.

Therefore, we are currently in correctional wave 2. It is assumed that it will take a simple zigzag A-B-C form and apparently, its first impulse wave A is already finished. In the short term, one can see a slight pullback in correction B. After that, the growth will resume again in the final impulse C.

It is possible to complete the whole correction (2) in the area of the level of 1.3875. At this level, its value will be 61.8% along the Fibonacci lines of wave (1). Most likely, this specified ratio can be reached.