On May 17th we published a long-term forecast called “GBPUSD, not as optimistic as it seems“. In that material we assumed that GBP USD is forming an ending diagonal in wave “c” of Y. Ending diagonals are only an idea, until they are confirmed by a breakout. Having that in mind, let’s see an updated daily chart of GBP USD.
You can see that the pattern has a breach in its lower line, which is the confirmation we have been waiting for. If you click on the highlighted link in the first sentence of this article, you will get an idea of the bigger picture scenario of GBP USD. If this is the correct count, this pair may just had started a huge decline.
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