Sell GBPUSD CPI DataThe GBP/USD pair on the M30 timeframe presents a potential shorting opportunity due to a recent breakout from a wedge pattern.
Possible Short Trade :
Entry: Consider entering a short position (selling GBP/USD) below the broken support trendline of the wedge after confirmation. Ideally, this would be around 1.2720 or lower if the price continues to decline.
Target Levels:
1.2678: This target is achieved by measuring the height of the wedge (from its apex to the breakout point) and projecting it downwards from the breakout point.
1.2650: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the wedge, ideally with some buffer around 1.2730. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.