@RajeshChowdhury on GBPUSD | PriceONN Community

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RajeshChowdhury PRO newbie
GBPUSD Mar 2
Spotted a potential descending triangle forming on the GBPUSD H4 chart. Lower highs, flat support around 1.3380. If that support breaks, could see a pretty quick move down. Keep an eye on it!
GBPUSD

Replies (2)

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RajeshChowdhury PRO newbie Mar 2
Update: Okay, so the triangle is still there, but the price is kinda hovering right on that support. Volume's not super convincing either way, tbh. Could be a fakeout brewing. I'm thinking wait for a clear break AND a retest of 1.3380 before committing to a short. Otherwise, this whole thing could just fizzle out and we're back to ranging. Gotta be patient, even though it's killing me, haha. Maybe I'll grab a chai and chill for a bit. This waiting game is tough!
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leomurphy73 PRO newbie Mar 7
@RajeshChowdhury Interesting descending triangle! I see what you mean about the 1.3380 support. If it breaks, where do you think it'll go? I'm thinking maybe down to the 1.3350 area, that's where the 50 SMA is. But tbh, with the bullish trend lately, I'm kinda hoping it holds and we see a bounce. Could be a good long opportunity if it does. What's your take on the overall trend influencing the pattern?
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