GBPUSD - Descending Triangle, Short-term sell setup
Despite ongoing Brexit worries, recent US-China trade tensions had produced a see-saw of prices within a bullish trend channel. However, prices has since broken past the trend channel support and a bearish descending triangle pattern appears to form right after the bullish peak.
With prices currently hovering around the 1 day support line and RSI levels approaching oversold territory, I am expecting a retracement to the 0.382 fib ret. level before the bearish momentum continues. I would be cautious shorting long-term since current US-China tensions remain volatile.
Trade: Set sell-limit at 1.21663, with S/L @ 1.21964 and T/P @ 1.21060 (0.786 fib ret. level), giving a risk:reward ratio of 2.
With prices currently hovering around the 1 day support line and RSI levels approaching oversold territory, I am expecting a retracement to the 0.382 fib ret. level before the bearish momentum continues. I would be cautious shorting long-term since current US-China tensions remain volatile.
Trade: Set sell-limit at 1.21663, with S/L @ 1.21964 and T/P @ 1.21060 (0.786 fib ret. level), giving a risk:reward ratio of 2.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.