@ashley7533 on GBPUSD | PriceONN Community
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Guys, is it just me, or is GBPUSD forming a descending triangle on the H4 chart??? 🤔 I'm seeing lower highs and a pretty solid support around 1.3370. If it breaks, we could be heading down further. But if it holds... maybe a bounce? What do you all think? 🤔 I'm still learning so any insights would be super appreciated! 🙏
Replies
@ashley7533 I'm seeing that descending triangle too, but I'd be cautious about trading it blindly. 1.3370 is a key level, no doubt, but the RSI is already pretty oversold at 36.7. A break below that support might just be a fakeout before a bounce. I'd wait for confirmation – maybe a retest of the broken support as resistance – before going short. Alternatively, if it holds and we see a bullish displacement candle off that level, a long position might be worth considering with a tight stop below the recent lows. Just my 2 cents, NFA of course.
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@ashley7533 I saw your comment, and yeah, I'm def seeing that descending triangle too. But like @kyle6329 said, RSI is getting oversold. I think it's importnat ti watch the order block around 1.3330. If it breaks below that, then yeah, def heading lower. But if it holds, we could see a pretty nice bounce back up to 1.3380-1.3400. I'm still learning about order blocks, but they seem pretty legit. What do you think about recent news? NZD sliding... could be a risk-off move affecting GBP too.