GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the bullish trendline down.
A descending movement downwards to the next support level at 1.24744 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.25878 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.24744 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support zone at 1.25878 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ chart pattern is detected. The chart forms ‘Three Black Crows’. this is a bearish signal. 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 | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.25878 |
| Current Price | 1.25177 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows