GBPUSD Possible Triangle Break

Hi Traders!

A symmetrical triangle is forming on the GBPUSD 4H chart, and we could have a breakout soon.

Here are the details:

The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction.

Looking at the price action, it looks bearish; we have had multiple tests at the trendline support and have broken below the 20 EMA. The market is currently trading on the trendline support, and we are looking for a break and a close below the trendline.

As long as the market stays below the 20 EMA, our view will remain bearish. We expect some more consolidation before a possible attempt at the trendline break.

Preferred Direction: Sell

Technical Indicators: 20 EMA

Resistance: 1.26947
Support: 1.27674

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