GBPUSD is currently trading within a broader ascending triangle structure, where buyers have consistently defended higher lows while price continues to react beneath a key horizontal resistance zone.Throughout the chart, the market has respected the ascending trendline, printing multiple higher lows (HLs) and maintaining the broader bullish structure. However, recent price action is beginning to show signs of weakness as momentum fades near support.
Recently, price has started breaking below the ascending trendline support, placing the structure at risk of a bearish failure. This breakdown is occurring near a key decision zone, where sellers could gain control if support fails to hold.
📆 On MTF Alignment: HTF- W1 View
The ascending triangle formation is positioned at a major confluence zone near the resistance zone of a W1 ascending channel, following a significant rejection from the long-term bearish trendline. This increases the probability that the current structure may act as a distribution phase rather than a continuation pattern.
📝 Key confluences:
🔻 Multiple RSI bearish divergences signaling weakening bullish momentum
🔻 Potential break of ascending trendline support
🔻 Price trading below short-term moving averages, with a possible MA 20/50 bearish crossover developing
🔻 Failure to reach and break horizontal resistance
We've now entered a potential breakdown phase on the Daily timeframe, with sellers attempting to invalidate the ascending triangle structure.
📉 Bias: Bearish
As long as price remains below the broken trendline and fails to reclaim the structure, the expectation is continuation towards:
◘ D1-S1 support around 1.3180
◘ D1-S2 support around 1.2580
📌 Any pullbacks into the broken trendline or moving averages could offer sell opportunities, not buys.
⚠️ Invalidation:
A strong reclaim above the ascending trendline and continuation toward horizontal resistance would weaken this bearish outlook.
Bottom line:
The bullish structure is under pressure. Unless buyers quickly reclaim the trendline, this ascending triangle risks turning into a failed breakout setup, favoring downside continuation toward lower daily support levels.
The NFX Team ™️💚
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The NFX Team ™️💚
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.