GBPUSD
Updated
The descending triangle is formed in the downtrend and indicates the continuation of the downtrend. It is formed as a downward sloping triangle with support and a slope of lower highs. The support does not allow the prices of the securities to move more downward.
The support at 1.3000 looks firm (tested multiple times at 1.2980 – 1.3000 since mid-March). Given that Cable is in a downtrend and the descending triangle, I will be watching for the break and retesting of the support to go short. Downward bias should persist so long as the pair remains below 1.3150.
The support at 1.3000 looks firm (tested multiple times at 1.2980 – 1.3000 since mid-March). Given that Cable is in a downtrend and the descending triangle, I will be watching for the break and retesting of the support to go short. Downward bias should persist so long as the pair remains below 1.3150.
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Following up on my idea.Price broke the support at 1.3000, shorted, and money is in the bag.
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