GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 1.27407 is considered certain.
Caution: A possible change in the direction of the resistance line at 1.27612 could occur.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ candle pattern is detected. The candles show ‘Three Outside Down’. which 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 probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28732 |
| 2nd High | 1.27705 |
| Next High | 1.27612 |
| Current Price | 1.27283 |
| Next Low | 1.27407 |
| 2nd Low | 1.27394 |
| 3rd Low | 1.27315 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down