GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline down.
A continuation of the downward movement down to the next support line at is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.26073 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Current target is 1.23521 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 1.26073 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Three Outside Down’ candlestick pattern is found. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.26073 |
| Current Price | 1.23366 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down