Based on the daily timeframe, GBP/USD appears to be exhibiting a bearish trend as indicated by a shift in market structure (ChoCh) and adherence to Elliott Wave theory with a completed 12345 pattern. The recent touch of the descending trendline coupled with the completion of the 4th wave suggests potential downward movement. With selling orders likely to be activated, the trajectory for GBP/USD seems inclined towards a sustained downtrend for the long term.
Based on the daily timeframe, GBP/USD appears to be exhibiting a bearish trend as indicated by a shift in market structure (ChoCh) and adherence to Elliott Wave theory with a completed 12345 pattern. The recent touch of the descending trendline coupled with the completion of the 4th wave suggests potential downward movement. With selling orders likely to be activated, the trajectory for GBP/USD seems inclined towards a sustained downtrend for the long term.