GBPUSD been moving in a descending triangle pattern; a huge weekly one. There is also a horizontal area which act like a magnet and will probably act again when price breaks this triangle upward. Let's see what happens.
Comment:
In daily timeframe we can see that after price couldn't penetrate the lower side of this descending triangle, price started an upward impulse wave. It seems price is moving upward in a smaller triangle pattern. Have to wait and see if GBPUSD can reach the upper side of the bigger triangle pattern-the double blue lines- and if it can break it. Let's see what happens.
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In daily timeframe we can see that after price couldn't penetrate the lower side of this descending triangle, price started an upward impulse wave. It seems price is moving upward in a smaller triangle pattern. Have to wait and see if GBPUSD can reach the upper side of the bigger triangle pattern-the double blue lines- and if it can break it. Let's see what happens.