GBP/USD Short Setup – Rising Wedge Breakdown
Timeframe: 2H
The pair has formed a rising wedge pattern, typically a bearish reversal signal. Price has now broken below the lower trendline, suggesting a potential downside move.
Setup Details:
Entry: ~$1.3717 (post-breakout)
Stop Loss: ~$1.3826 (above recent highs)
Target Zone: $1.3477 to $1.3407
Technical Analysis:
Rising wedge pattern breakdown confirmed
Supertrend indicator has flipped bearish
Momentum divergence visible on lower timeframes (not shown)
Fundamental Context:
GBP remains under pressure due to weak UK economic data and ongoing BoE rate cut expectations
USD strength backed by persistent inflation concerns and hawkish Fed tone
Bias: Bearish (Short-Term Swing Trade)
Look for potential retests of broken support for confirmation. Manage risk accordingly as volatility may increase ahead of upcoming macro events
Timeframe: 2H
The pair has formed a rising wedge pattern, typically a bearish reversal signal. Price has now broken below the lower trendline, suggesting a potential downside move.
Setup Details:
Entry: ~$1.3717 (post-breakout)
Stop Loss: ~$1.3826 (above recent highs)
Target Zone: $1.3477 to $1.3407
Technical Analysis:
Rising wedge pattern breakdown confirmed
Supertrend indicator has flipped bearish
Momentum divergence visible on lower timeframes (not shown)
Fundamental Context:
GBP remains under pressure due to weak UK economic data and ongoing BoE rate cut expectations
USD strength backed by persistent inflation concerns and hawkish Fed tone
Bias: Bearish (Short-Term Swing Trade)
Look for potential retests of broken support for confirmation. Manage risk accordingly as volatility may increase ahead of upcoming macro events
Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.