Sell GBPUSD Triangle Breakout

The GBP/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a triangle pattern.

Key Points:

Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break below the lower trendline signifies a potential confirmation of a downtrend continuation.

Sell Entry: Consider entering a short position around the current price of 1.2662, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the following levels @ 1.2585 and 1.2552

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 1.2695. This helps limit potential losses if the price reverses and breaks back upwards.

Thank you.

Trade active:

Stronger US Dollar: The US Dollar (USD) has strengthened recently, supported by safe-haven flows amid ongoing geopolitical tensions and concerns about a global economic slowdown.

Weak UK Retail Sales: Recent data confirmed the UK is in a technical recession, and retail sales figures were weaker than expected, raising concerns about consumer spending and economic growth. This could weaken the Pound (GBP).