The GU is currently in a strong down trend.
Over the past week or so the pair has been through a period of consolidation. Consistently testing support at 0.72741 level forming this horizontal support line. While continuing to form lower highers. Forming a descending triangle.
Descending triangles are bearish trend continuation pattern. I expect we will see a breakout to the downside later this week, If this is the case I will drop to lower time frames for potential shorts. My only concern is i believe the DXY is getting stronger, so this could influence this pair. What do you think? let me know your thoughts.
Over the past week or so the pair has been through a period of consolidation. Consistently testing support at 0.72741 level forming this horizontal support line. While continuing to form lower highers. Forming a descending triangle.
Descending triangles are bearish trend continuation pattern. I expect we will see a breakout to the downside later this week, If this is the case I will drop to lower time frames for potential shorts. My only concern is i believe the DXY is getting stronger, so this could influence this pair. What do you think? let me know your thoughts.