GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support line at 1.24870 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.26068 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 1.25406192 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 1.26068 could happen.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Three Line Strike – Bearish’ candlestick pattern is detected. The chart forms ‘Three Line Strike – Bearish’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Line Strike – Bearish’ going down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26595 |
| 2nd High | 1.26573 |
| Next High | 1.26068 |
| Current Price | 1.25879 |
| Next Low | 1.24870 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Line Strike – Bearish