GBPUSD, Descending-Triangle, Here Is How It Completes!

Hello,

Welcome to this analysis about GBPUSD and the weekly timeframe perspective. In recent times GBPUSD has developed an interesting setup on which it has some important potentials to build upon and therefore I detected the main target zones and upcoming determinations we need to consider here. Looking at my chart now we can watch there how GBPUSD showed up with this main initial impulse-wave A to the upside from where it firstly pulled back off the 1.42 level to continue to form the wave-B in the structure which now is taking on the shape of a descending triangle formation. In this descending triangle formation the coherent wave count reaching from A to E is nearly completed and GBPUSD is approaching the lower boundary which is matching with the main dynamic support-level that is marked in orange in my chart. When GBPUSD now appropriately completes the wave-count and manages to bounce in the structure this will show up with the completion of the whole descending-triangle and GBPUSD will activate the wave-C with further continuations to be expected. When the whole formation has been completed we can measure a target zone within the upper ascending-dynamic-trend-line and the 1.46 level marked in my chart in blue, after this zone has been reached the situation needs to be elevated again, it will be an important journey ahead.

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Information provided is only educational and should not be used to take action in the markets.