This is the GBPUSD uptrend scenario.
Currently, it has rebounded from the weekly demand zone, so it can reach the weekly supply zone. If so, there will be two cases.
The first could be a complex W-X-Y correction. This is the case where weekly correction occurs twice.
The second is when the weekly correction trend line of an upward wave breaking through the weekly supply zone and renewing the high is drawn.
In this case, reversion can be a monthly correction process.
Therefore, a bearish pattern breaking the weekly demand zone of the uptrend may emerge.
Expect a big rise in the future.
good luck.
Currently, it has rebounded from the weekly demand zone, so it can reach the weekly supply zone. If so, there will be two cases.
The first could be a complex W-X-Y correction. This is the case where weekly correction occurs twice.
The second is when the weekly correction trend line of an upward wave breaking through the weekly supply zone and renewing the high is drawn.
In this case, reversion can be a monthly correction process.
Therefore, a bearish pattern breaking the weekly demand zone of the uptrend may emerge.
Expect a big rise in the future.
good luck.
Trade closed: stop reached:
Because the pattern has changed, this analysis is no longer valid.