GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline down.
A bearish descent downwards to the next support at 1.32797 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.34141 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Target of the current trend is 1.32797 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support level at 1.34141 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Two Crows’ candle pattern is existing. The candles form ‘Two Crows’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34256 |
| 2nd High | 1.34205 |
| Next High | 1.34141 |
| Current Price | 1.33014 |
| Next Low | 1.32797 |
| 2nd Low | 1.32737 |
| 3rd Low | 1.32644 |
1.34141 – 1.34205 – 1.34256 – 1.33086 – 1.33800 – 1.33937