VincePrince

GBPUSD, Develops Major Descending-Wedge, Important Developments!

FX:GBPUSD   British Pound / U.S. Dollar
Hello,

Welcome to this analysis about GBPUSD and the 4-hour timeframe perspectives. In the recent times GBPUSD has formed a very interesting technical constellation as it already completed the main bear-flag in the structure bearishly this was the wave B in the whole wave-count GBPUSD is forming which it is developing within this massive descending-triangle-formation and already completed almost all waves A to D. Now within the wave D GBPUSD is forming this ascending-wedge which is likely to complete with a bearish breakout in the upcoming times, this breakout then will be the origin of the wave E which completes the whole wave-count and once this is done crucial developments will emerge with GBPUSD testing the lower boundary of this whole descending-triangle-formation because when GBPUSD manages to bounce within the lower boundary there is great potential given for the descending-triangle to complete with a bullish breakout above the upper-boundary. Once this is done GBPUSD will activate bullish targets and the bullish continuation, a reasonable target-zone in this case will be the 1.385 level. For now it will be central on how this formation completes and how GBPUSD shows up after it, it will be an interesting journey ahead.

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

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