GBPUSD: Triangle and New Trade Opportunities
The market should be added to a watchlist. The price is moving sideways in the borders of a triangle chart pattern. It means we can use the borders of the triangle and trading reversals. For this, we should use lower timeframes for searching for exact entry points for long and short trades.
If the price breaks the resistance line, which is also a weekly downtrend line, it will be a bullish signal. Buyers will try to develop a new uptrend. I'm not sure that they will succeed as the weekly chart looks more bearish and there are SMAs above this downtrend line. But anyway, we can try to catch a possible upward movement using the daily and hourly timeframes.
If the price breaks the support line of the pattern, we will get a bearish signal and possible selling opportunity. It will be a signal in the direction of the weekly chart. We will be able to search for exact entry points using the daily and hourly timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the resistance line, which is also a weekly downtrend line, it will be a bullish signal. Buyers will try to develop a new uptrend. I'm not sure that they will succeed as the weekly chart looks more bearish and there are SMAs above this downtrend line. But anyway, we can try to catch a possible upward movement using the daily and hourly timeframes.
If the price breaks the support line of the pattern, we will get a bearish signal and possible selling opportunity. It will be a signal in the direction of the weekly chart. We will be able to search for exact entry points using the daily and hourly timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Penafian
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