GBPUSD: Today's Trade Plan
GBPUSD is currently testing a key support level on the short-term chart.
For a potential short trade, watch for the formation of an ascending triangle on the 4-hour timeframe. A confirmation signal would be a breakout above the horizontal neckline, with a 4-hour candle closing above 1.2616. In this case, you could either enter an aggressive short position immediately or wait for a retest before shorting, targeting 1.2700.
Alternatively, if the price breaks below the horizontal support, it would signal a continuation of the bearish trend.
For a potential short trade, watch for the formation of an ascending triangle on the 4-hour timeframe. A confirmation signal would be a breakout above the horizontal neckline, with a 4-hour candle closing above 1.2616. In this case, you could either enter an aggressive short position immediately or wait for a retest before shorting, targeting 1.2700.
Alternatively, if the price breaks below the horizontal support, it would signal a continuation of the bearish trend.
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