GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 1.32737 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 1.33485 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Down’ chart pattern is found. The candles show ‘Three Outside Down’. this is a bearish signal. The currency 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 | 1.34236 |
| 2nd High | 1.33901 |
| Next High | 1.33485 |
| Current Price | 1.33117 |
| Next Low | 1.32737 |
| 2nd Low | 1.32644 |
| 3rd Low | 1.32471 |
1.33485 – 1.33387 – 1.33901 – 1.32737 – 1.32900 – 1.32644
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down