GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline down.
A bearish descent down to the next support at 1.24744 will continue.
Caution: A possible trend reversal in the direction of resistance at 1.26136 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish SBS White Lines’ candlestick pattern is detected. The chart forms ‘Bearish SBS White Lines’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25289 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish SBS White Lines