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GBPUSD's Developing Ascending Triangle

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Avatar for rafaelken1989
Written by   52
4 months ago
Topics: GBPUSD, Trading, FX, Forex, Technical, ...

After GBPUSD printed a fresh 30-month low last September 7, it may have reached its bottom supported by that day's long lower shadow candle close.

Clearly, I missed a good long position from last night's delicious pullback on the 1.1450-60 support range.

However, I am seeing a developing ascending triangle formation with an immediate resistance found in the 1.1610-20 range.

Today's target is to open a short position on that area with a risk:reward score of 1.731 as I see some minor or quick profit takings by the overnight dips' longs.

I place some defensive stop loss in case today's candle will decide for more pumping as the Pound has some market sentiments with the recent passing of Queen Elizabeth II.

Also, the US dollar index (DXY) is experiencing weekly pullbacks.

Original article written by me:

https://www.finlogix.com/analysis/20220909/gbpusds-developing-ascending-triangle

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Avatar for rafaelken1989
Written by   52
4 months ago
Topics: GBPUSD, Trading, FX, Forex, Technical, ...
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