The formation of the GBPJPY pair hints at a large triple zigzag of the primary degree, consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

It is quite likely that the development of the second intervening wave Ⓧ has started. This is similar to the intermediate double (W)-(X)-(Y) zigzag. The final intermediate actionary wave (Y), consisting of minor sub-waves A-B-C, is currently under development.

Prices could fall in the impulse wave C to the level of 147.32, at which, the primary wave Ⓧ will be at 38.2% of wave Ⓨ.

An alternative scenario shows the primary actionary wave Ⓨ of a large double zigzag has begun. This wave is similar to a simple zigzag. The last bullish wave (C), of an intermediate degree, has started and could be completed by sub-waves 1-2-3-4-5.

Wave (C) has the structure of an ending diagonal, since the end of wave 4 has gone beyond the end of wave 1.

In the coming trading days, we could expect the development of a minute zigzag within the minor wave 5, as shown on the chart.

Wave 5 can complete its growth near 159.12. At that level, wave (C) will be at 61.8% of wave (A).