Buy GBP/USD Triangle Breakout

6 juniThe GBP/USD pair on the M30 timeframe presents a Potential Buying Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further advances in the coming hours.

Possible Long Trade:
Entry: Consider Entering A Long Position Above The Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around 1.2796.

Target Levels:
1st Resistance – 1.2835
2nd Resistance – 1.2858

Stop-Loss: To manage risk, place a stop-loss order below 1.2750. This helps limit potential losses if the price falls back unexpectedly.

Opportunity Breakdown:
Triangle Breakout: Price action recently broke above a bullish triangle, a continuation pattern suggesting further upside potential.
Retest Confirmation: The price has retested the broken resistance line of the triangle and held, indicating strong buying pressure. This retest adds confidence to the breakout.
Ichimoku Cloud Support: The current price sits comfortably above the Ichimoku cloud, a technical indicator that often signals bullish momentum when the price is above the cloud.

Thank you.

6 juni

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