GBPUSD Triangle formation

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 GBPUSD hourly chart


Analysis

GBPUSD is on the brink to complete triangle pattern in wave B which will open wave c lower and the nature of this wave is impulse. There is a high possibility that prices will plunge towards 1.19-1.18 levels going ahead.

The triangle pattern has formed near to its previous high and has reversed. Today it has given a bearish break in this pattern, thereby opening negative possibilities.

The summation is GBPUSD can sink towards 1.19-1.18 price range over short term.

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