As you can watch when looking at my chart is that GBPUSD just testing another time the strong 200-EMA resistance which is marked in black, furthermore this level coherently forms resistance together with the higher boundary of the wedge-formation where GBPUSD several times formed movements to the downside, therefore there is a high potential given that GBPUSD forms another time moves to the downside as this is still a solid resistance-cluster which should not be ignored in the structure. When the pair falls below the 30-EMA which is marked in red it will confirm the last leg to the downside till it reaches crucial support and possible bottom in the back-up-zone you can watch marked in my chart.
Taking all these factors into consideration GBPUSD will continue with its steady but weak downtrend till there is a decisive bottom forming which is strong enough to move with a volatile move above the upper boundary and therefore finally confirm the huge formation it is trading in, when this happens it will greatly confirm further upside also in the middle and long-term but this needs definitely a strong break of the upper boundary and possible following confirmation of it. The next time will show how this scenario is playing out and when there is a breakout of the long-lasting downward movement GBPUSD is forming here till then the middle-to-long-term remains to confirm the final wave.
In this manner, thank you for watching, support for more market insight and have a good day!
There are many roads to prosperity, but one must be taken.
Information provided is only educational and should not be used to take action in the markets