GBP/USD – 1H – SELLCorrection of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 1.25237482 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of support at 1.26073 could be enabled.
Consider stop-loss settings accordingly.
Also there is a ‘Three Black Crows’ chart pattern is discovered. The chart forms ‘Three Black Crows’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.26073 |
| Current Price | 1.25447 |
| Next Low | 1.25065 |
| 2nd Low | 1.25045 |
| 3rd Low | 1.25010 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows