GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 1.25010 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 1.27283 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Three Outside Down’ candlestick chart pattern is discovered. The chart forms ‘Three Outside Down’. 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 likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25201 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down