In the long term, the GBPUSD pair seems to be forming a correction cycle wave  IV.

This correction takes the form of a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final primary wave Ⓩ is currently under development.

The actionary wave Ⓩ can take the form of a standard zigzag (A)-(B)-(C), as shown in the chart. It seems that the first wave (A) in the form of an impulse has ended. In the near future, prices could begin to adjust in wave (B) approximately to the level of 1.210, or even lower.

At 1.210, correction (B) will be at 50% Fibonacci of impulse (A).

However, the formation of an intermediate impulse wave (A) could continue. Then it is worth considering the second version of the markup. Most likely, the market in this impulse can rise to 1.284.

At that level, minor sub-wave 5, which is part of the impulse (A), will strive for equality with the previous impulse 3.

Only after reaching the level of 1.284, prices could drop in the correction wave (B).

Test your strategy on how the GBP will fare!

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• Source: https://www.orbex.com/blog/en/2023/05/gbpusd-impulse-over-correction-beginning