GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the ascending trendline down.
A bearish descent down to the next support line at 1.26448 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.27686 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Black Crows’ candle chart pattern is existing. The chart forms ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30476 |
| 2nd High | 1.30091 |
| Next High | 1.27686 |
| Current Price | 1.26922 |
| Next Low | 1.26448 |
| 2nd Low | 1.25246 |
| 3rd Low | 1.25067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows