GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support line at 1.32737 is expected.
Caution: A possible change in the direction of the resistance zone at 1.33320 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.3280848 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support zone at 1.33320 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Inside Down’ candle pattern is existing. The chart forms ‘Three Inside Down’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Inside Down’ going down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.33901 |
| 2nd High | 1.33485 |
| Next High | 1.33320 |
| Current Price | 1.33109 |
| Next Low | 1.32737 |
| 2nd Low | 1.32644 |
| 3rd Low | 1.32471 |
1.33320 – 1.33485 – 1.33387 – 1.32737 – 1.32900 – 1.32644
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Inside Down