GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the downward movement down to the next support at is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.24938 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Two Crows’ chart pattern is found. The candles show ‘Two Crows’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25754 |
| Next High | 1.24938 |
| Current Price | 1.23008 |
| Next Low | |
| 2nd Low | |
| 3rd Low |