GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bearish trendline downwards
A continuation of the downward movement downwards to the next support level at 1.26296 is expected.
Caution: A possible change in the direction of the resistance line at 1.27686 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 1.26296 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support line at 1.27686 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Black Crows’ candlestick chart pattern is existing. The candles form ‘Three Black Crows’. 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 Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.29253 |
| 2nd High | 1.28732 |
| Next High | 1.27686 |
| Current Price | 1.26858 |
| Next Low | 1.26296 |
| 2nd Low | |
| 3rd Low |