GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 1.21380 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.22498 could happen.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Target of the current trend is 1.20991 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.22498 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘On Neck’ candlestick chart pattern is found. The chart shows ‘On Neck’. this 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 ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.24938 |
| 2nd High | 1.23218 |
| Next High | 1.22498 |
| Current Price | 1.21993 |
| Next Low | 1.21380 |
| 2nd Low | 1.20991 |
| 3rd Low |