GBPUSD - Descending Triangle Breakout Imminent
Probable scenario:
- Probable GBPUSD breaks to the downside.
- Descending triangle
- Bearish divergence on stochastics (lower highs on stochastics vs higher lows on candles)
There are 2 main potential trade setups:
1) On break of the small uptrend line, targeting the bottom area of the triangle
2) On break of the descending triangle, targeting next support
Alternative scenario:
- If GBPUSD manages to break to the upside, target next resistance.
Happy trading
- Probable GBPUSD breaks to the downside.
- Descending triangle
- Bearish divergence on stochastics (lower highs on stochastics vs higher lows on candles)
There are 2 main potential trade setups:
1) On break of the small uptrend line, targeting the bottom area of the triangle
2) On break of the descending triangle, targeting next support
Alternative scenario:
- If GBPUSD manages to break to the upside, target next resistance.
Happy trading
Comment:
GBPUSD has broken below first trendline
