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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