Sell GBPUSD Triangle Breakout

The GBP/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a triangle pattern.

Key Points:

Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break below the lower trendline signifies a potential confirmation of a downtrend continuation.

Sell Entry: Consider entering a short position around the current price of 1.2662, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the following levels @ 1.2585 and 1.2552

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 1.2695. This helps limit potential losses if the price reverses and breaks back upwards.

Thank you.

تم فتح الصفقة:

Stronger US Dollar: The US Dollar (USD) has strengthened recently, supported by safe-haven flows amid ongoing geopolitical tensions and concerns about a global economic slowdown.

Weak UK Retail Sales: Recent data confirmed the UK is in a technical recession, and retail sales figures were weaker than expected, raising concerns about consumer spending and economic growth. This could weaken the Pound (GBP).