GBPUSD Looking Descending Triangle
🚨 GBP/USD Update
GBPUSD
🗓️ Date: 25 February, 2024
⏰ Timeframe: Daily
💡 Given in the chart –
♦️ Blue color -(Descending Triangle ) = D1
♦️ Red color -Resistance Level = 1.2714
♦️ Green color -Support Level = 1.2528
The currency pair did not see any good movement in the last week i.e. February 18-24. This is mainly due to the lack of publication of any fundamental news in the last week. The movement of the currency pair for the whole week was only about 70 pips.
Analyzing the chart on the Daily time frame, we have identified the presence of an essential Descending Triangle Chart Pattern. The range of this chart pattern is between 1.2528 and 2713.
Although this chart pattern indicates a bearish movement, the price needs to break the support level part of the pattern to confirm it. That is, a price position below 1.2528 is mandatory.
✅ As long as the price stays within this range, you can accept Sell entries in the resistance part of the range and Buy entries in the support part according to the bounce trading strategy.
Remember that the UK is in an overall economic recession. The economy of a country is directly reflected in the currency of that country. The advice would therefore be to be cautious in accepting entries in any GBP currency pair.
🚫 The currency pair does not currently have any positions to accept entries in Buy positions. If the price can stay above the resistance level of the range i.e. 1.2713, then you can only think of a Buy position. Until then Sell entry is the most profitable.
If you like the analysis then please follow and boost the post.
Thank you
Admin@Green Forex Trading
GBPUSD
🗓️ Date: 25 February, 2024
⏰ Timeframe: Daily
💡 Given in the chart –
♦️ Blue color -(Descending Triangle ) = D1
♦️ Red color -Resistance Level = 1.2714
♦️ Green color -Support Level = 1.2528
The currency pair did not see any good movement in the last week i.e. February 18-24. This is mainly due to the lack of publication of any fundamental news in the last week. The movement of the currency pair for the whole week was only about 70 pips.
Analyzing the chart on the Daily time frame, we have identified the presence of an essential Descending Triangle Chart Pattern. The range of this chart pattern is between 1.2528 and 2713.
Although this chart pattern indicates a bearish movement, the price needs to break the support level part of the pattern to confirm it. That is, a price position below 1.2528 is mandatory.
✅ As long as the price stays within this range, you can accept Sell entries in the resistance part of the range and Buy entries in the support part according to the bounce trading strategy.
Remember that the UK is in an overall economic recession. The economy of a country is directly reflected in the currency of that country. The advice would therefore be to be cautious in accepting entries in any GBP currency pair.
🚫 The currency pair does not currently have any positions to accept entries in Buy positions. If the price can stay above the resistance level of the range i.e. 1.2713, then you can only think of a Buy position. Until then Sell entry is the most profitable.
If you like the analysis then please follow and boost the post.
Thank you
Admin@Green Forex Trading
Trade closed manually:
We Entry from 1.2694
Trade Closed Manually at 1.2634
+60 Pips Profit Taken.
Today is GDP news Coming. so we don't risk
Enjoy Trading with our Analysis.
Trade Closed Manually at 1.2634
+60 Pips Profit Taken.
Today is GDP news Coming. so we don't risk
Enjoy Trading with our Analysis.
