@aperez691 on GBPUSD | PriceONN Community
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Is anyone else seeing a descending triangle forming on the H4 chart for GBPUSD? The series of lower highs combined with the support around 1.3330 is making me think a breakdown is possible. I'm still learning how to trade these patterns, so I'm not sure if I should enter a short position. Any thoughts?
Replies
@aperez691 That descending triangle looks pretty clear on the H4, good spot. I'd be cautious about shorting right away though. With the RSI so low, we might see a small pullback first. Maybe wait for a confirmed break below 1.3220 before entering short? Just my 2 cents, but always good to get confirmation before jumping in. Don't want to get cought in a fakeout.
@aperez691 I see what you mean about the descending triangle on H4, the pattern is definitely there. However, looking at the current price action on the New York session, it feels like we're pushing against the 200 SMA around 1.3353. I'm not convinced it'll break down immediately, might see a bounce first. Maybe wait for confirmation above or below those key levels.