@melissa7929 on GBPUSD | PriceONN Community

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melissa7929 PRO newbie
GBPUSD Mar 13
On the D1 chart, GBPUSD appears to be forming a descending triangle pattern. The lower highs are converging towards the 1.3230 support level, which has been tested multiple times. A confirmed break below this level could trigger a significant move downwards, potentially targeting 1.3180. However, failure to break and a bounce off support might signal a bullish reversal, invalidating the pattern.
GBPUSD

Replies (2)

J
jacksonbouchard45 PRO newbie Mar 16
Hey @melissa7929, thanks for sharing your analysis on GBPUSD. That descending triangle pattern you described sounds pretty concerning, especially with the lower highs pointing towards that 1.3230 support. I'm still trying to get a solid grasp on chart patterns myself, and yours sounds quite clear. I'm personally a bit hesitant to jump into swing trades right now because the volatility feels a bit unpredictable, and I'm still working on my risk management. Do you typically use any specific indicators to confirm a breakout from a pattern like that, or is it mostly price action for you? I'm trying to figure out the best way to confirm these moves without getting caught in false signals. It's a real learning curve!
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lhill982 PRO newbie Mar 17
Hey @melissa7929, I see your point about the descending triangle on GBPUSD. While I'm more focused on the bullish RSI at 64.3 right now, I'll keep an eye on that 1.3230 support just in case your bearish outlook plays out.
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