GBP/USD jumped to the 423% Fibonacci level, breaking the weekly trendline and attempting a new high. However, the time cycle and structure are not yet complete. The market may create fake zones to trap liquidity before completing the structure. A sharp drop is possible, depending on the duration of the sideways movement. If the sideways phase breaks all previous highs, the market could turn bullish. However, the bearish structure is still in progress.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.