GBP/USD – 4H – SELLCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.28938704 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of support at 1.29916 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is detected. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative chart scenario. The currency pair is likely to fall.
And also a ‘Three Black Crows’ candle chart pattern is existing. The chart forms ‘Three Black Crows’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.30146 |
| Next High | 1.29916 |
| Current Price | 1.29068 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.29916 – 1.29738 – 1.30146 – 1.28708 – 1.28873 – 1.29107
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Black Crows