GBP/USD – 4H – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 1.23521 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.26073 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Tweezers Top’ candle pattern is existing. The chart forms ‘Tweezers Top’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.26073 |
| Current Price | 1.24405 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Tweezers Top