GBP/USD – 4H – SELLIn addition a ‘Rising Wedge Chart Pattern’ chart formation is detected. The chart forms ‘Rising Wedge Chart Pattern’. which is a bearish chart scenario. The pair is likely to go down.
The combination British Pound/US Dollar (GBP/USD) moves from the ascending trendline down.
A bearish descent downwards to the next support at 1.36739 is expected.
Caution: A possible change in the direction of the resistance level at 1.37703 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Inside Down’ candle pattern is discovered. The candles show ‘Three Inside Down’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Inside Down’ going down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.37703 |
| Current Price | 1.37273 |
| Next Low | 1.36739 |
| 2nd Low | 1.33699 |
| 3rd Low | 1.32502 |
1.37703 – 1.36321 – 1.36165 – 1.36739 – 1.33699 – 1.33825
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Inside Down – Rising Wedge Chart Pattern