Updated GBPUSD Analysis: Signals Downside Potential
Updated
Greetings traders,
I would like to provide an updated analysis of the GBPUSD pair. Despite the market deviating from my initial analysis, it is crucial to reassess the current outlook. Presently, it seems that the pair is undergoing a corrective phase in a downward direction.
Based on the observed price action, a leading diagonal formation has emerged in wave A, followed by a well-defined zig-zag pattern in wave B. As of now, it appears that we are in the corrective wave C phase, indicating a potential further decline for the pair.
Considering this analysis, my intraday target for the GBPUSD pair is set at 1.25617, while my medium-term target stands at 1.25000. Following the achievement of these targets, it is reasonable to anticipate a resumption of an upward trend for the pair.
However, it is essential to note that if the price reaches 1.27375, the outlined outlook will be rendered invalid. Please keep this in mind while evaluating your trading decisions.
Thank you, and happy trading!
I would like to provide an updated analysis of the GBPUSD pair. Despite the market deviating from my initial analysis, it is crucial to reassess the current outlook. Presently, it seems that the pair is undergoing a corrective phase in a downward direction.
Based on the observed price action, a leading diagonal formation has emerged in wave A, followed by a well-defined zig-zag pattern in wave B. As of now, it appears that we are in the corrective wave C phase, indicating a potential further decline for the pair.
Considering this analysis, my intraday target for the GBPUSD pair is set at 1.25617, while my medium-term target stands at 1.25000. Following the achievement of these targets, it is reasonable to anticipate a resumption of an upward trend for the pair.
However, it is essential to note that if the price reaches 1.27375, the outlined outlook will be rendered invalid. Please keep this in mind while evaluating your trading decisions.
Thank you, and happy trading!
Note
GBPUSD UPDATED CHARTThe break of the 1.26678 confirms bullishness.
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