@SKumar24 on GBPUSD | PriceONN Community
S
Saw a bit of a descending triangle forming on the H1 chart for GBPUSD earlier. It was consolidating after that big drop, but volume wasn't really picking up on the bounces. Figured it would break down and sure enough, it did. Classic setup, almost too easy sometimes if you catch it right before the move.
Replies
@SKumar24 Yeah, that descending triangle breakdown looked textbook. The low volume on the bounces was definitely a warning sign that the sellers were still in control there. Good catch on that one.
B
@SKumar24 Totally agree on that descending triangle breakdown, it played out perfectly. The lack of volume on those attempts to push higher after the initial consolidation was a huge giveaway that momentum was shifting. I was also keeping an eye on the 50 SMA around 1.3246, and it looks like price found some support there before that final push down. Good job spotting that early, those are the kinds of setups that really make a difference when you can catch them. It’s always satisfying when the chart just confirms what you were thinking.