GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) moves from the bullish trendline down.
A bearish movement down to the next support at 1.27165 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.27988 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Three Outside Down’ candle chart pattern is existing. The candles form ‘Three Outside Down’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30091 |
| 2nd High | 1.28109 |
| Next High | 1.27988 |
| Current Price | 1.27400 |
| Next Low | 1.27165 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down