GBPUSD – The development of the diagonal is completed. Corrective decline is expected

16.11.2022

The past trading day has clarified the asynchrony formed between the euro and the pound, trading in pair with the dollar, where on the euro was supposed to continue to grow, and on the pound to decrease. The fifth wave in the considered pair has decided to go out for a while beyond the formed wedge, instantly returning to its limits, which is quite admissible.

Thus, the initial diagonal triangle can be considered as completed.

In the future the price will gradually decrease forming a corrective wave [ii], the incipient ascending impulse.

Recommendation: Sell 1.1840, SL 1.1860, TP 1.1600.