GBP/USD – 4H – SELLAlso there is a ‘Double bottom retreat down’ chart pattern is detected. The chart picture shows ‘Double bottom retreat down’. this is a bearish pattern signal. The currency pair is likely to fall.
The combination British Pound/US Dollar (GBP/USD) jumps from the ascending trendline down.
A bearish movement down to the next support level at 1.34013 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 1.35302 could occur.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ candle pattern is detected. The chart forms ‘Three Outside Down’. this is a bearish signal. 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’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.3536 |
| 2nd High | 1.35339 |
| Next High | 1.35302 |
| Current Price | 1.35204 |
| Next Low | 1.34013 |
| 2nd Low | 1.33113 |
| 3rd Low | 1.32871 |
1.35302 – 1.35339 – 1.34459 – 1.34013 – 1.33113 – 1.33417 —
1.34561 – 1.35616 —
40.366551408257 – 67.429772823967 —
– —
1.35302 – 1767096000
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down – Double bottom retreat down – – – – – – – –