We mentioned that GBPUSD is oriented at the daily correction trend line position. Since then, it has continued to decline.
The right indicator is also showing a very strong bearish signal.
Six weekly correction trend lines have been created, and a daily, 4 hour decline correction line, which is smaller than that, has been created.
Even for a small amount of time, there are no signs of an uptrend.
So, would you bet on Buy?
If there is one possibility, it is the running flat pattern.
It can rise to create a running flat pattern of a bearish wave as in the chart. If that happens, there is a chance for a bigger rebound than this as it again moves above the important blue line.
I think it's more important to follow a trend and react than it is to predict a path.
We will watch for an uptrend signal in a small amount of time with the indicator.
However, GBPUSD is on a downtrend.
good luck.
The right indicator is also showing a very strong bearish signal.
Six weekly correction trend lines have been created, and a daily, 4 hour decline correction line, which is smaller than that, has been created.
Even for a small amount of time, there are no signs of an uptrend.
So, would you bet on Buy?
If there is one possibility, it is the running flat pattern.
It can rise to create a running flat pattern of a bearish wave as in the chart. If that happens, there is a chance for a bigger rebound than this as it again moves above the important blue line.
I think it's more important to follow a trend and react than it is to predict a path.
We will watch for an uptrend signal in a small amount of time with the indicator.
However, GBPUSD is on a downtrend.
good luck.