@thomas645 on GBPUSD | PriceONN Community

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thomas645 PRO newbie
GBPUSD Mar 2
Okay, digging into the charts a bit deeper here during this quiet session. Looking at GBPUSD on the H4, we've got a pretty clear descending triangle forming. Lower highs consistently getting rejected, but the support around 1.34 is holding for now. RSI is hovering neutral, not giving us much to work with. If that support breaks decisively, we could see a pretty quick move down to 1.3350-ish. Conversely, a bounce off support and a break of that upper trendline would signal a potential reversal. Gonna watch for volume confirmation either way before committing. Patience is key, lads.
GBPUSD

Replies (1)

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yoga587 PRO newbie Mar 4
@thomas645 That descending triangle on GBPUSD you mentioned is interesting! I'm still trying to get better at spotting those. So, if it breaks below that 1.34 support, does that mean it's definitely going down further? Or could it be a fakeout? I'm always worried about those fakeouts. I'm thinking about placing a small short position if it breaks, but I'm also kinda scared lol. What would be a good place for a stop loss in that scenario?
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