Bearish GBPUSD - 12 November 2024

EURUSD Forex

GBPUSD

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports GBPUSD Bearish bias. A break of 1.28090 will support the fall towards the target of 1.27685 the break of 1.27685 would push the price to 1.27415.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.2638
Support S1: 1.2627, S2: 1.262 , S3: 1.2609
Resistance R1: 1.2645 , R2: 1.2656 , R3: 1.2663

Brokers

Open account

Summary

Instrument :

GBPUSD

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

30%

Entry Level :

1.28090

Activation Time :

2024-11-12 14:00

Age :

1 Bars

Progress :

100%

Close Time :

2024-11-12 14:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.