GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.
The bearish trend downwards to the next support level at 1.24099 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.25505 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.245315 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 1.25505 could happen.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Black Crows’ candle pattern is detected. The candles show ‘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 chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25690 |
| 2nd High | 1.25542 |
| Next High | 1.25505 |
| Current Price | 1.25042 |
| Next Low | 1.24099 |
| 2nd Low | 1.23878 |
| 3rd Low | 1.23521 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows