Today marked the 5th hit on the trendline validating the pattern. Typicllay broadening descending wedges are a bullish sign. Coupled with the fact that GBP/USD made its way very close to key levels of support today and news drops come later today I would expect a breakout coming shortly. I will be patiently waiting for entry into a bullish trend however I have...
Key 4HR Resistance Coming up. Expecting up to a .010536 correction before pushing through 1.39500. Bear Divergency presenting itself on RSI. Expecting correction to take place. Will enter trade at break of rising wedge pattern. Will not think trade is gone if liquidity grab pushes price above the wedge.
Going long on current rising triangle on GBP/USD
- Lately GBP/USD been trading at good levels of support and have been looking for a long entry for over a week.
- The Triangle set up here is very promising as we just recently broke out and we are making are way over some crucial EMA/SMAs
DXY is forming a descending triangle today signifying further downward momentum is likely. Take note of the lower highs and continued rejection at this same level of support. This shows a lower amount of buyers at each rejection. It is likely due to this, support will break unless new buyers come in to place.
