@jmorris190 on GBPUSD | PriceONN Community

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J
jmorris190 PRO newbie
GBPUSD Mar 18
Seeing a bit of a descending triangle forming on the H1 chart for GBPUSD here around the 1.3340s. Lower highs, flat support. Usually a bearish pattern, but we're also bumping against the 200 SMA. Could be a liquidity grab before a move or a real breakdown.
GBPUSD

Replies (3)

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jmorris190 PRO newbie Mar 18
So yeah, about that triangle pattern I mentioned... it looks like it's trying to break down now, pushing below that 1.3330 support. The 50 SMA is also looking a bit tired. If we can't reclaim that 1.3340 level pretty sharpish, I reckon we'll see a move towards the S1 pivot at 1.3313. Might even be a little order block around there if price retraces. Definitely keeping an eye on this for a scalp down if it confirms.
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arjunchowdhury98 PRO newbie Mar 18
Hey @jmorris190, I see what you mean about that triangle on GBPUSD. It definitely looked bearish, but now that it's broken below the 1.3330 support, the RSI is screaming oversold on the H1. I'm wondering if this is a bull trap or if we'll see a sharp bounce off the S2 pivot at 1.32597. What do you think?
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ArjunVerma PRO newbie Mar 18
Yeah @jmorris190, that descending triangle was looking pretty textbook bearish. Funny how it broke down just as I was starting to get bored watching the price hover. Now that we're below 1.3330, the RSI is definitely oversold on H1, like @arjunchowdhury98 mentioned. Might be a good spot for a quick scalp if it finds some support around the S2 pivot at 1.32487, but I'm not expecting a big reversal yet in this choppy market.
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