💱GBPUSD - A descending triangle will send the price to 1.23680
GBPUSD continues to move within a strong downtrend. The price has already lost 5.3% from the high and is ready to lose more. A pattern is forming which could send the price to 1.23680
TA on the high timeframe:
1) Failure of the support at 1.25479 will form a new impulse and a new level
2) A stop at 1.24450 forms a support and 3 days later the price comes back to retest this line. The market is preparing for a breakout and further decline
TA on the low timeframe:
1) A descending triangle is formed, which can be interpreted as sellers' pressure on the support area
2) The line is already broken and now either consolidation or retest will be formed.
3) Support at 1.24500 plays an important role for us. If this level is broken and the price consolidates below it, the potential for a possible decline to 1.23682 will be formed.
Key resistance📈: 1.25000, 1.25279
Key support📉: 1.2463, 1.24500
TA on the high timeframe:
1) Failure of the support at 1.25479 will form a new impulse and a new level
2) A stop at 1.24450 forms a support and 3 days later the price comes back to retest this line. The market is preparing for a breakout and further decline
TA on the low timeframe:
1) A descending triangle is formed, which can be interpreted as sellers' pressure on the support area
2) The line is already broken and now either consolidation or retest will be formed.
3) Support at 1.24500 plays an important role for us. If this level is broken and the price consolidates below it, the potential for a possible decline to 1.23682 will be formed.
Key resistance📈: 1.25000, 1.25279
Key support📉: 1.2463, 1.24500
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