GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.37034 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 1.37884 could occur.
Consider stop-loss settings accordingly.
Furthermore a ‘Tweezers Top’ chart pattern is discovered. The candles form ‘Tweezers Top’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.37884 |
| Current Price | 1.37421 |
| Next Low | 1.37034 |
| 2nd Low | 1.36739 |
| 3rd Low | 1.35903 |
1.37884 – 1.37488 – 1.37403 – 1.37034 – 1.36739 – 1.36827
Trading Signals: FOREX – GBP – GBP/USD – USD – Tweezers Top –