GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the bullish trendline down.
A descent downwards to the next support line at is likely expected.
Caution: A possible change in the direction of the resistance line at 1.29730 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 1.29207028 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support line at 1.29730 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Exponential Moving Average 100 (EMA 100)’ indicator layout is existing. The indicator is ‘Exponential Moving Average 100 (EMA 100)’. which is often a bearish chart signal. The pair is likely to go down.
There is also a ‘Three Outside Down’ candle chart pattern is existing. The candles form ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
There is also a ‘Double top chart pattern’ chart layout is discovered. The chart picture forms ‘Double top chart pattern’. this is a bearish chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30146 |
| 2nd High | 1.29916 |
| Next High | 1.29730 |
| Current Price | 1.29321 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.29730 – 1.29676 – 1.29679 – 1.29223 – 1.29222 – 1.29378
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down