Hello Traders,
Looking at the GBP/USD on the daily timeframe makes the diagonal structure starting on the 25th January clearer. From the 27th February, cable has remained within a 350 pip range and as price consolidated, continued to range within what is believed to be a larger diagonal structure (25th Jan). The larger diagonal structure also ties in with the larger 3-wave on-going correction which can be seen on the daily timeframe starting on the 15th August 2018. As developments in Brexit continue to unbox weekly in the UK, the currency pair continues to remain quite volatile however the outlook presented stands for the medium term and may be accelerated depending on what unfolds in Westminster.
Updates to follow.
Looking at the GBP/USD on the daily timeframe makes the diagonal structure starting on the 25th January clearer. From the 27th February, cable has remained within a 350 pip range and as price consolidated, continued to range within what is believed to be a larger diagonal structure (25th Jan). The larger diagonal structure also ties in with the larger 3-wave on-going correction which can be seen on the daily timeframe starting on the 15th August 2018. As developments in Brexit continue to unbox weekly in the UK, the currency pair continues to remain quite volatile however the outlook presented stands for the medium term and may be accelerated depending on what unfolds in Westminster.
Updates to follow.
