GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline downwards
A descending movement down to the next support at 1.25010 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.26073 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Down’ candlestick chart pattern is found. The candles form ‘Three Outside Down’. this is a bearish 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 Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.26073 |
| Current Price | 1.24199 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down