GBPUSD Contracting Triangle
My analysis shows me that if we look at the last impulse down (arrow down) we started the correction that looked like a typical w-x-y-x-z correction, but now it seems to be making a more complex structure that is starting to look like an contracting triangle.
Personally my bias is to look for one more drop, but the market has a mind of its own, so I only trade what I see and wait for confirmation before entering a trade.
Personally my bias is to look for one more drop, but the market has a mind of its own, so I only trade what I see and wait for confirmation before entering a trade.
Long trade to the upside after confirmation