GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support at is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.23768 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Two Crows’ candle pattern is detected. The chart forms ‘Two Crows’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25754 |
| 2nd High | 1.24938 |
| Next High | 1.23768 |
| Current Price | 1.22797 |
| Next Low | |
| 2nd Low | |
| 3rd Low |