GBP/USD – 1H – SELL

The pair 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 1.24744 is likely expected.

Caution: A possible change in the direction of the resistance line at 1.26666 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.25343204 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 1.26666 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘Three Outside Down’ candle chart pattern is detected. The candles show ‘Three Outside Down’. which is a bearish signal. The 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).

Download GBP/USD Signal Image

Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down