GBPUSD Ending Diagonal and breakout

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 GBPUSD daily chart


Analysis

In the above daily chart, it is very clear that there is no discontinuation of the positive trend, as prices are moving in a higher highs and higher lows. Recently the pair made a distribution pattern which is rising wedge pattern. This pattern is a time consuming pattern and has completed as prices have given a bearish break.

RSI in the daily chart has exhibited negative divergence which gives an indication that the upside is very limited or capped.

From Wave theory, prices were moving in a impulse fashion (1-2-3-4-5) where in wave 5 it formed an ending diagonal pattern where wave v of wave 5 was an overthrow and it re-entered the pattern which marks the end of wave v of wave 5 and also of wave 5. Now prices will unfold a corrective move which has already started in the form of wave a on the lower side which can tumble near till 1.20 followed by 1.18 over medium term.

GBPINR needs to break 102.00 levels to open negative possibilities and that will also end the positive move and open a reversal which can plunge price towards 100.00 followed by 98.00 levels.

The summation is GBPUSD can tumble towards 1.20 followed by 1.18 where cluster of supports are placed for the pair.

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