Levels are perfect when they are spotted early. On the 3hours time frame, the price chart of EURGBP has bee spotted forming a descending triangle chart pattern. The numbers of touches are another factor to be considered while trading the descending. There must be a minimum of 2 to 3touches at the peak and at the valley. The descending triangle chart pattern also signals a bearish continuation to the downside or a bearish reversal pattern. On this 3 hours time frame, it called a bearish continuation pattern.
For this pattern to be valid, price must retrace back to the horizontal support and continue to hug this levels until it breaks it to the downside.
The levels traders should keep an eye on are as follows:
Retest of the support : 0.85780
Breakdown level: 0.85638
Support 1: 0.85468
Support 2: 0.85468
Support 3: 0.84742
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
For this pattern to be valid, price must retrace back to the horizontal support and continue to hug this levels until it breaks it to the downside.
The levels traders should keep an eye on are as follows:
Retest of the support : 0.85780
Breakdown level: 0.85638
Support 1: 0.85468
Support 2: 0.85468
Support 3: 0.84742
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.