RLinda ! GBPJPY -> Descending triangle. Support breakdown?
GBPUSD is forming a global high in June and after several corrections the price failed to renew this peak. A downtrend is becoming noticeable on the chart.
We see a downtrending price channel, but we can't see the trigger point for further action at the first time. On the chart we have a strong support level of 161.332, which was formed on June 14, 2022, below this level could not go, not counting false breakdowns.
I assume that since the bottom boundary of the descending triangle is the support level mentioned above and also the price is pushing down to that level and forming a pre-breakdown consolidation, there is every chance that the support level can be broken. The short-term target is the support at 159.9, and the medium-term target is the support area at 159.4.
Sincerely R. Linda!
We see a downtrending price channel, but we can't see the trigger point for further action at the first time. On the chart we have a strong support level of 161.332, which was formed on June 14, 2022, below this level could not go, not counting false breakdowns.
I assume that since the bottom boundary of the descending triangle is the support level mentioned above and also the price is pushing down to that level and forming a pre-breakdown consolidation, there is every chance that the support level can be broken. The short-term target is the support at 159.9, and the medium-term target is the support area at 159.4.
Sincerely R. Linda!
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
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🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
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