GBP/USD made a bullish bounce and reversal at the bottom of the triangle as expected. The bullish price action is now facing a resistance trend line (orange) but for the moment a larger bullish wave is most likely.
The GBP/USD showed a bullish spike that stopped at the resistance trend line (orange). The spike up could already complete the wave E (purple) pattern of the triangle chart pattern but I think that an extension of the sideways price is more likely.
The GBP/USD completed the impulsive and bullish wave C (green). Price will either start a full downtrend or make a WXY (blue) correction. A break below the support (green line) of the triangle pattern indicates the start of the downtrend whereas a bounce at the Fibs could see price move up towards the Fibonacci levels of wave E.
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.