Unlocking GBPUSD Bearish Potential: Triangle Breakdownðð
āļāļĩāđāļāļąāļāđāļāļ:
Traders, brace yourselves for an intriguing setup on the 1-hour timeframe for GBP/USD that you can't afford to miss:
ð Technical Analysis Highlights ð
ð― Descending Triangle Breakout: The recent price action has delivered a convincing breakout from a descending triangle pattern, laying the foundation for a trend continuation setup.
ð Moving Average Resistance: To further bolster the case for a trend continuation, the moving average is acting as a steadfast resistance, combining forces with the descending triangle breakdown.
ð Trade Strategy ð
This setup isn't just an opportunity; it's a smart move in line with the prevailing trend. Trading with the trend is consistently more rewarding than attempting countertrend strategies.
ðž Risk Management: Mitigate risk effectively by placing your stop loss above the resistance zone.
ðŊ Take Profit Targets ðŊ
1ïļâĢ First Target: 1.21350
2ïļâĢ Ultimate Target: 1.20500
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you want more qualitative insights like this one ðð
ð Technical Analysis Highlights ð
ð― Descending Triangle Breakout: The recent price action has delivered a convincing breakout from a descending triangle pattern, laying the foundation for a trend continuation setup.
ð Moving Average Resistance: To further bolster the case for a trend continuation, the moving average is acting as a steadfast resistance, combining forces with the descending triangle breakdown.
ð Trade Strategy ð
This setup isn't just an opportunity; it's a smart move in line with the prevailing trend. Trading with the trend is consistently more rewarding than attempting countertrend strategies.
ðž Risk Management: Mitigate risk effectively by placing your stop loss above the resistance zone.
ðŊ Take Profit Targets ðŊ
1ïļâĢ First Target: 1.21350
2ïļâĢ Ultimate Target: 1.20500
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you want more qualitative insights like this one ðð
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āļāļąāļāļāļķāļāļāđāļ§āļĒāļāļģ
set stop loss to break evenāļāļąāļāļāļķāļāļāđāļ§āļĒāļāļģ
TP1 reached
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