GBP/USD – 4H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.24744 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of support at 1.27283 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Belt Hold’ candlestick pattern is found. The candles form ‘Bearish Belt Hold’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25312 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold