Descending Triangle on GBP/USD

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Descending Triangle on GBP/USD

Descending Triangle on GBP/USD

 

GBP/USD has formed a descending triangle, making lower highs and testing support at 1.7060. Typically considered as a bearish signal, we could see the pair trade lower if the pair establishes a new low from last week. A strong break below 1.7030 could mean that the pair would soon drop to 1.6930.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com.

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