@nicholas5620 on GBPUSD | PriceONN Community

Update: Further analysis reveals the 20-day SMA coinciding almost exactly with the descending resistance line, adding confluence to the potential triangle pattern. This suggests increased selling pressure as price approaches that level. I'll be monitoring the price action closely around 1.3340 support. A decisive break with increased volume would strengthen the bearish outlook. Conversely, a bounce off this level, coupled with a break above the 20-day SMA, would invalidate the pattern and suggest a possible bullish reversal. Risk management is key here. Consider a tight stop-loss just above the recent high if shorting a breakdown.