GBP/USD Trade setup (Short Position)
Updated
Potential trade setup on the 1-hour timeframe for GU. Price action is creating a nice "expanding bearish triangle" pattern which could make another retest towards the price level (1.24000) before continuing in the sellers direction. Going back to April 10th, you will notice the support that was created multiple times before price created indecision candles closing above & below that support zone. Finally, both EMA's are confirming sellers momentum is slowly shifting over to a bearish selloff. Updates will be posted when price enters our area of interest. Stay tuned.
Note
Price broke the 1.24000 target level with buyer momentum in control. Depending on the volume from the DXY going bullish will setup a trade for a better sell opportunity on GBP/USD.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.