GBPUSD, like EURUSD, seems to create a leading diagonal pattern. A slight retracement is occurring now, but if the retracement is not large, a correction trend line of the 4-hour uptrend can be drawn in the 4-hour demand zone below. Then the target would be around the daily supply zone. And, if there is support above that blue line, a 4 hour uptrend could follow, and a second uptrend could appear.
However, if it descends below the blue line and stays again, the highs could come down near the weekly demand zone as this is where the weekly correction trend line of a new downtrend can be drawn. This scenario becomes invalid when the leading diagonal pattern is broken.
However, if it descends below the blue line and stays again, the highs could come down near the weekly demand zone as this is where the weekly correction trend line of a new downtrend can be drawn. This scenario becomes invalid when the leading diagonal pattern is broken.