GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support line at 1.25010 is expected.
Caution: A possible change in the direction of the resistance level at 1.25359 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.2501 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support line at 1.25359 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ candlestick chart pattern is detected. The candles form ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25743 |
| 2nd High | 1.25501 |
| Next High | 1.25359 |
| Current Price | 1.25083 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down