GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.37034 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.37884 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Three Black Crows’ candle pattern is found. The chart shows ‘Three Black Crows’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.37884 |
| Current Price | 1.37435 |
| Next Low | 1.37034 |
| 2nd Low | 1.36739 |
| 3rd Low | 1.35903 |
1.37884 – 1.37488 – 1.37403 – 1.37034 – 1.36739 – 1.36827
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows –