GBPUSD Weekly – November 16th, 2020

GBP/USD, Weekly chart. The main outlook remains in force. The fifth of the ending diagonal is like over. If correct, we’re at the beginning of a new bullish market. In this case, the price should continue unfolding wave ((1)) or ((A)).

GBP/USD, 15H chart. The high of wave 1 remain untouched, so the bullish outlook is still in force. Therefore, the price is likely going to develop wave 5 of (1) in the coming days.

! Bearish Alternative Scenario !

We can’t rule out that wave ((1)) could take the form of a leading diagonal. Despite that it’s too early to call this scenario, we should keep in mind this option, which will be confirmed only after a break of 1.2854.

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