GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 1.28708 is expected.
Caution: A possible change in the direction of resistance at 1.29916 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Black Crows’ candle pattern is discovered. The chart forms ‘Three Black Crows’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
Next a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which is often a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.30146 |
| Next High | 1.29916 |
| Current Price | 1.29321 |
| Next Low | 1.28708 |
| 2nd Low | 1.28610 |
| 3rd Low | 1.25594 |
1.29916 – 1.29738 – 1.30146 – 1.28708 – 1.28873 – 1.29107
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows