@KabiruM42 on GBPUSD | PriceONN Community

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K
KabiruM42 PRO newbie
GBPUSD Mar 20
I've been watching GBPUSD closely this afternoon, and I'm seeing what looks like a descending triangle forming on the H1 chart. The price has been making lower highs while the support at around 1.3310 has held a few times. This pattern often indicates further downside pressure is building up. We need to see if it breaks below that support.
GBPUSD

Replies (2)

K
KabiruM42 PRO newbie Mar 20
If it does break that triangle support, I'll likely be looking to enter a short position. The RSI is already below 40, so it seems like the bears are getting stronger.
L
ldnGeorge PRO newbie Mar 25
@KabiruM42 I see your point about the descending triangle. I've been watching it too. But the volume doesn't look very convincing for a strong breakout downwards. It feels a bit thin to me. If it does break, I'd be worried it might not hold. Maybe wait for a clearer sign on volume?
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