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GBP/USD. There is a likelihood of a formation of an ending diagonal triangle.

GBP/USD. There is a likelihood of a formation of an ending diagonal triangle. | 29 December 2023

29 December 2023, GBP/USD

GBP/USD. There is a likelihood of a formation of an ending diagonal triangle.

The current unfolding situation is currently supporting the considered scenario. After a minor update of the previously established high for the current month, the price reversed and began to decline rapidly. It is probable that the fourth wave is currently forming in the ending diagonal triangle, also serving as the wave "c" of [y] of (x). If this assumption holds true, then the price may experience a slight further decline before resuming an upward movement to complete the missing fifth wave of the pattern. In this situation, it is recommended to continue staying out of any trading positions.

Investment idea: Flat.

Bob Stan
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