GBP/USD H4 Triangle Breakout
Updated
GBP/USD H4 Triangle Breakout Hints at Downside: Potential Sell Opportunity Emerges
The GBP/USD pair on the H4 chart exhibits a bearish signal suggestive of a potential decline in the coming hours. A recent downward breakout from a symmetrical triangle pattern could offer a shorting opportunity.
Key Points:
Triangle Breakout: The price has been consolidating within a triangle formation, characterized by converging support and resistance lines. This often indicates indecision before a decisive move. However, the recent break below the lower support line at 1.2650 signifies a shift in momentum towards the downside.
Sell Entry: Consider entering a short position around the current price of 1.2650, offering an entry point close to the breakout level.
Target Levels: Initial bearish targets lie at the support levels of 1.2422 and 1.2317, marking previous support zones within the triangle.
Stop-Loss: To manage risk, place a stop-loss order above the resistance line of the broken triangle at 1.2800
Fundamental Updates :
January 2024: The NFP report exceeded expectations, showing a gain of 353,000 jobs despite forecasts of 180,000. This robust job growth suggests a strong US labor market and could support the USD by Reinforcing expectations for continued Fed rate hikes: A hawkish Fed stance strengthens the USD against other currencies.
US Consumer Price Index (CPI) (Feb 14): A higher-than-expected inflation reading could strengthen the USD as the Fed might be pressured to raise rates further. Conversely, a lower reading could offer some support to the GBP.
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“Markets are never wrong, but opinions often are.”-Jesse Livermore
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The GBP/USD pair on the H4 chart exhibits a bearish signal suggestive of a potential decline in the coming hours. A recent downward breakout from a symmetrical triangle pattern could offer a shorting opportunity.
Key Points:
Triangle Breakout: The price has been consolidating within a triangle formation, characterized by converging support and resistance lines. This often indicates indecision before a decisive move. However, the recent break below the lower support line at 1.2650 signifies a shift in momentum towards the downside.
Sell Entry: Consider entering a short position around the current price of 1.2650, offering an entry point close to the breakout level.
Target Levels: Initial bearish targets lie at the support levels of 1.2422 and 1.2317, marking previous support zones within the triangle.
Stop-Loss: To manage risk, place a stop-loss order above the resistance line of the broken triangle at 1.2800
Fundamental Updates :
January 2024: The NFP report exceeded expectations, showing a gain of 353,000 jobs despite forecasts of 180,000. This robust job growth suggests a strong US labor market and could support the USD by Reinforcing expectations for continued Fed rate hikes: A hawkish Fed stance strengthens the USD against other currencies.
US Consumer Price Index (CPI) (Feb 14): A higher-than-expected inflation reading could strengthen the USD as the Fed might be pressured to raise rates further. Conversely, a lower reading could offer some support to the GBP.
If you found my post helpful or informative, could you please leave a comment 💬🖌 and hitting that like button💚💚
“Markets are never wrong, but opinions often are.”-Jesse Livermore
Good Luck💛💛
Thank you
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