Hi Traders!
A symmetrical triangle is forming on the GBPUSD 4H chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction.
Looking at the price action, it looks bearish; we have had multiple tests at the trendline support and have broken below the 20 EMA. The market is currently trading on the trendline support, and we are looking for a break and a close below the trendline.
As long as the market stays below the 20 EMA, our view will remain bearish. We expect some more consolidation before a possible attempt at the trendline break.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance: 1.26947
Support: 1.27674
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
A symmetrical triangle is forming on the GBPUSD 4H chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction.
Looking at the price action, it looks bearish; we have had multiple tests at the trendline support and have broken below the 20 EMA. The market is currently trading on the trendline support, and we are looking for a break and a close below the trendline.
As long as the market stays below the 20 EMA, our view will remain bearish. We expect some more consolidation before a possible attempt at the trendline break.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance: 1.26947
Support: 1.27674
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.