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GBP/USD. A potential initial diagonal triangle may be forming.

GBP/USD. A potential initial diagonal triangle may be forming. | 22 December 2023

22 December 2023, GBP/USD

GBP/USD. A potential initial diagonal triangle may be forming.

The price is reluctant to decrease easily. There are active fluctuations within the descending channel. If viewed from the perspective of classical technical analysis, a flag is forming, indicating that the price will sharply rise upon breaking the upper boundary of the designated channel.
However, the wave analysis in the current scenario suggests a decline, driven by the development of an initial diagonal triangle. Thus, a decline and a breakthrough of the designated level will signal the initiation of selling transactions.
In the case of an increase and the price breaking beyond the upper boundary, the wave analysis will need to be reconsidered.
It is unlikely that significant movements will occur during today's trading day, so it is recommended to observe the developments while staying out of any trading positions.
Investment idea: flat.
Bob Stan
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