GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bullish trendline downwards
A descending movement down to the next support level at 1.23521 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.25505 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 1.24797 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of support at 1.25505 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Black Crows’ candlestick chart pattern is existing. The candles form ‘Three Black Crows’. which is a negative pattern 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 | 1.26073 |
| 2nd High | 1.25690 |
| Next High | 1.25505 |
| Current Price | 1.25262 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows