RLinda ! GBPJPY -> Descending triangle. Support breakdown?

26 août 2022

GBPUSD is forming a global high in June and after several corrections the price failed to renew this peak. A downtrend is becoming noticeable on the chart.

We see a downtrending price channel, but we can't see the trigger point for further action at the first time. On the chart we have a strong support level of 161.332, which was formed on June 14, 2022, below this level could not go, not counting false breakdowns.

I assume that since the bottom boundary of the descending triangle is the support level mentioned above and also the price is pushing down to that level and forming a pre-breakdown consolidation, there is every chance that the support level can be broken. The short-term target is the support at 159.9, and the medium-term target is the support area at 159.4.

Sincerely R. Linda!