GBPUSD, Bear-Pennant To Setup Next Impulse!

Hello,

Welcome to this analysis about GBPUSD on the 4-hour timeframe perspectives. In recent times I detected a pivotal formation developing for GBPUSD. As when looking at my chart now we can watch there how GBPUSD is forming this main bearish impulse development to the downside in which it just broke down below the ascending-resistance-line, this ascending-resistance-line was support previously and now it is a strong resistance. Below this line GPUSD is forming a bear-pennant as seen in my chart, this bear-pennant is signaling the continuation of the bearish trend. Once the pennant has been completed as shown in my chart this will be the setup for further continuations and GBPUSD will activate the lower target-zone as marked in my chart. Once this zone has been reached it will be highly crucial how GBPUSD continues from there on because when GBPUSD forms a next formation in this structure this will lead to the continuation into the bearish-continuation-zone marked in red, for now we need to see how the dynamic evolves.

In this manner, thank you for watching the analysis, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

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

Comment:

Bearish volatility increased and the triangle is completing.

Comment:

ANALYSIS UPDATE: GBPUSD continued with the bear pennant setup below the major resistance zones to finalize the wave count and breakout into the bearish direction.

GBPUSD after it finalized the whole bear pennant accelerated with the bearish dynamics reaching out all of the final bearish target zones.