GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards
A continuation of the bearish trend downwards to the next support level at 1.32118 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.33223 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Down’ candle chart pattern is detected. The chart forms ‘Three Outside Down’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.33558 |
| 2nd High | 1.33446 |
| Next High | 1.33223 |
| Current Price | 1.32967 |
| Next Low | 1.32118 |
| 2nd Low | 1.32024 |
| 3rd Low | 1.31637 |
1.33223 – 1.33446 – 1.33558 – 1.32118 – 1.32409 – 1.32797
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down