FX.co ★ Wave analysis of GBP/USD on April 30, 2021

GBP/USD, H4:

For the last trading day of this week, we will analyze the situation for the GBP/USD currency pair. We see that the market has not yet completed the construction of the large triple zigzag W-X-Y-X-Z. The second wave of bundle X is under development.

This wave, in turn, also has a complex triple zigzag formation [W]-[X]-[Y]-[X]-[Z]. Let's consider the structure of this figure on the hourly time frame.

GBP/USD, H1:

On the hourly time frame, we see the final part of the bundle wave [X], as well as the completed sub-waves [Y] and [X]. After the end of the second wave of the bundle [X], which is a double zigzag (W)-(X)-(Y), we saw the development of the downward wave [Z].

Wave [Z] may assume the structure of a simple zigzag (A)-(B)-(C), and, most likely, the first two parts of this zigzag have already been built: impulse (A) and double zigzag (B).

The price will likely move lower in the impulse wave (C) in the coming trading days.

The estimated price level at which the price decline will be suspended is 1.3673. At this level, the magnitudes of waves [Y] and [Z] will be equal to 100%.