Elemont

GBPUSD - Descending Triangle Breakout Imminent

Short
FX:GBPUSD   British Pound / U.S. Dollar
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
Comment: GBPUSD has broken below first trendline

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