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GBP/USD fell sharply to the downside a few weeks back, which we see it as wave V that touched lower trendline of a wedge pattern, known also as a diagonal triangle. If we are correct, then market may turn to the upside, but would need a decisive break above the upper red trendline resistance before low can be put in place.
GBP/USD, Daily
A Diagonal is a common 5-wave motive pattern labeled 1-2-3-4-5 that moves with the larger trend. Diagonals move within two contracting channel lines drawn from waves 1 to 3, and from waves 2 to 4. There are two types of diagonals: leading diagonals and ending diagonals. They have a different internal structure and are seen in different positions within the larger degree pattern.
Ending diagonals are much more common than leading diagonals.
Basic Leading Diagonal
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Basic Ending Diagonal:
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