GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.25065 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.26073 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Black Crows’ chart pattern is existing. The candles form ‘Three Black Crows’. which is a negative chart scenario. The currency 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 | 1.25268 |
| Next Low | 1.25065 |
| 2nd Low | 1.25045 |
| 3rd Low | 1.25010 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows