GBP/USD – 4H – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the bullish trendline downwards
The bearish trend downwards to the next support line at is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.26073 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Current target is 1.24744 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.26073 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Black Crows’ candlestick pattern is detected. The candles show ‘Three Black Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.26073 |
| Current Price | 1.23740 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows