Currency pair GBPUSD - D1 chart. The wave structure here still maintains its downward order. The MACD indicator being used is also in the oversold zone but has started to rise above its signal line. Although the price is being pushed up slightly, it's premature to discount the sellers. For several days in a row, the price has been knocking on the zone where the resistance level of 1.3164 is located. It is evident that attempts were made to push for a decline there, but nothing came of it. A large player prevented the decline from playing out at the bottom, although there was some downward movement. The large player triggered the stops of the sellers, and ultimately there was an attempt to break through the resistance level, which, however, failed. Overall, the price got stuck until Wednesday, forming an accumulation zone. It was assumed that the upward spikes were a trap for buyers. It was expected that if it was a trap, the price would move down again with a false breakout. Additionally, a descending resistance line can be drawn based on the tops of waves, which is an intermediate obstacle before the designated resistance level of 1.3297. The price couldn't break above this line, indicating a downward trend. The potential for the strengthening of the US dollar against some major currencies still seems significant to me. Furthermore, there is currently a third downward wave of a higher weekly period. If a Fibonacci target grid is applied to the first wave, a potential target can be seen - the 161.8 level. Why wouldn't the price reach this target in the coming weeks? Such a scenario is quite probable. The accumulation zone shrank to its limit until Wednesday and formed a triangle on smaller timeframes, from which it broke down and continued along the trend. At least until the nearest low is updated, working downwards remains a priority. There might be a correction there, although it's not desirable to go against such upward movement; it seems like the pound is gaining momentum in its fall. Today at 16:30 Moscow time, there are several important news releases concerning the US; this should be taken into account.
