Hi Traders!
There is a descending triangle setup here on the GBPUSD 1H chart.
This is a bearish setup, with the recent price action showing lower highs and lower lows. The support of the triangle is at 1.28038, and we are looking for a break and a close below 1.28038.
If we get this, then we are looking for a target at 1.27814, and below this, there is another target at 1.27678.
If we fail to break to the downside, then there are also opportunities to the upside. There was a previous price rejection at 1.28486, so the market might possibly target this level as a resistance test.
Please like, comment, and follow to support us, we greatly appreciate it.
Thank you for your support.
BluetonaFX
There is a descending triangle setup here on the GBPUSD 1H chart.
This is a bearish setup, with the recent price action showing lower highs and lower lows. The support of the triangle is at 1.28038, and we are looking for a break and a close below 1.28038.
If we get this, then we are looking for a target at 1.27814, and below this, there is another target at 1.27678.
If we fail to break to the downside, then there are also opportunities to the upside. There was a previous price rejection at 1.28486, so the market might possibly target this level as a resistance test.
Please like, comment, and follow to support us, we greatly appreciate it.
Thank you for your support.
BluetonaFX
