• Feb 4, 2025
  • Trade ideas

GBPAUD: Symmetrical Triangle

GBPAUD, H1

GBPAUDH1.png

GBPAUD is navigating in an uptrend, currently forming a symmetrical triangle pattern.

9-MA crosses the 14-MA up; however, the price is currently sandwiched between the 2.0050 resistance and 2.0000 support, giving a mixed sentiment:

  • If the price breaks above the 2.0050 resistance, it may propel the asset to 2.0120.
  • However, breaching below the 2.0000 support will trigger a decline toward the 1.9910 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul