GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.
The bearish trend downwards to the next support at 1.27407 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.27612 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke through the Fibonacci 0-Level.Continuation of the current descending trend is expected. Current target is 1.27372476 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 1.27612 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Down’ candlestick pattern is found. The chart forms ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28732 |
| 2nd High | 1.27705 |
| Next High | 1.27612 |
| Current Price | 1.27598 |
| Next Low | 1.27407 |
| 2nd Low | 1.27394 |
| 3rd Low | 1.27315 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down