Descending Triangle on GBPUSD
A descending triangle is a bearish chart pattern.
For the short term, we can still take advantage of buying with a target price of 1.37600 - 1.38000.
The price will reach this target within 1-2 weeks.
If the price has touched the area of 1.37600 - 1.38000 then sell with the target price of 1.35800 - 1.34800.
This is also confirmed by:
1. The dollar index is likely to fall to 92,300 in the near future. (1 to 2 weeks).
2. The tapering signal is said to be starting as soon as possible, and the next FOMC Statement is scheduled for November 4th.
For the short term, we can still take advantage of buying with a target price of 1.37600 - 1.38000.
The price will reach this target within 1-2 weeks.
If the price has touched the area of 1.37600 - 1.38000 then sell with the target price of 1.35800 - 1.34800.
This is also confirmed by:
1. The dollar index is likely to fall to 92,300 in the near future. (1 to 2 weeks).
2. The tapering signal is said to be starting as soon as possible, and the next FOMC Statement is scheduled for November 4th.
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