GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 1.26132 is certain.
Caution: A possible change in the direction of resistance at 1.26891 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke through the Fibonacci 0-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.26674824 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 1.26891 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Black Crows’ candlestick pattern is discovered. The chart forms ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27202 |
| 2nd High | 1.26966 |
| Next High | 1.26891 |
| Current Price | 1.26820 |
| Next Low | 1.26132 |
| 2nd Low | 1.26127 |
| 3rd Low | 1.25975 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows