Technical Overview:
Pattern Identified: Symmetrical Triangle Formation
Price action has been consolidating within a symmetrical triangle, indicating a potential breakout.
Current Status:
GBP/USD is breaking down from the lower boundary of the triangle, signaling bearish momentum.
Key Levels:
Resistance Zone: Around 1.3400 – 1.3440, previously tested multiple times.
Support Turned Resistance (RS Interchange): Near 1.3180 – 1.3200.
Stop Loss: Suggested above resistance at 1.3440 (to invalidate the triangle breakdown).
Target: 1.29527 – based on triangle height projection and key horizontal support.
🔍 Trade Plan:
Entry: On confirmed break and retest of the triangle's lower trendline.
Stop Loss: Above 1.3440.
Take Profit: Targeting 1.29527, aligning with previous support zone.
Risk/Reward: Favorable setup if risk is controlled at resistance.
📌 Notes:
This setup assumes continuation of bearish pressure after the triangle breakdown.
Watch for any fundamental GBP/USD catalysts (e.g., UK economic releases or US dollar strength).
🧠 Disclaimer:
This is not financial advice. Always conduct your own analysis or consult a professional before trading.
Pattern Identified: Symmetrical Triangle Formation
Price action has been consolidating within a symmetrical triangle, indicating a potential breakout.
Current Status:
GBP/USD is breaking down from the lower boundary of the triangle, signaling bearish momentum.
Key Levels:
Resistance Zone: Around 1.3400 – 1.3440, previously tested multiple times.
Support Turned Resistance (RS Interchange): Near 1.3180 – 1.3200.
Stop Loss: Suggested above resistance at 1.3440 (to invalidate the triangle breakdown).
Target: 1.29527 – based on triangle height projection and key horizontal support.
🔍 Trade Plan:
Entry: On confirmed break and retest of the triangle's lower trendline.
Stop Loss: Above 1.3440.
Take Profit: Targeting 1.29527, aligning with previous support zone.
Risk/Reward: Favorable setup if risk is controlled at resistance.
📌 Notes:
This setup assumes continuation of bearish pressure after the triangle breakdown.
Watch for any fundamental GBP/USD catalysts (e.g., UK economic releases or US dollar strength).
🧠 Disclaimer:
This is not financial advice. Always conduct your own analysis or consult a professional before trading.
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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.
Related publications
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.