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Elemont
Apr 15, 2019 6:42 AM

GBPUSD - Descending Triangle Breakout Imminent Short

British Pound/U.S. DollarFXCM

Description

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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