GBPUSD: Long-Term Technical Outlook 🇬🇧🇺🇸
GBPUSD is trading in a global bearish trend.
The price perfectly respects the boundaries of an expanding falling wedge pattern on a weekly.
Reaching its support, the pair started a correctional movement.
The market is already growing for more than a month.
Ahead is the resistance of the wedge. Depending on the reaction of the price to that,
I see 2 potential scenarios:
If the price respects that, a new bearish wave may initiate.
If the price breaks and closes above that, it will most likely lead to a continuation of a current correctional movement.
I will post an update once I see a decent confirmation.
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