@christopherbrown35 on GBPUSD | PriceONN Community
Currently observing a potential ascending triangle forming on the 4-hour chart. The upper trendline resistance is holding around 1.3370, while the series of higher lows suggests increasing buying pressure. A confirmed breakout above this level could signal a continuation of the bullish trend. Traders should monitor volume for confirmation of the breakout.
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Regarding my earlier post, a few factors support the ascending triangle thesis. The RSI is currently below 50, indicating room for upward momentum. Additionally, the 20-day SMA is trending upward and could act as dynamic support. However, the overall risk-off sentiment in the market poses a threat to this setup. A break below the lower trendline would invalidate the pattern and potentially lead to a test of the 1.3300 level. Therefore, waiting for a clear breakout confirmation is crucial before initiating a long position. Manage your stop losses accordingly.