GBP/USD – 4H – BUYCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 1.25563146 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support level at 1.27873 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Down’ candle chart pattern is found. The candles show ‘Three Outside Down’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30476 |
| 2nd High | 1.28109 |
| Next High | 1.27873 |
| Current Price | 1.26193 |
| Next Low | 1.26171 |
| 2nd Low | 1.24870 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down