GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 1.32118 is considered certain.
Caution: A possible change in the direction of the resistance line at 1.33223 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Down’ candle chart pattern is existing. The candles show ‘Three Outside Down’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability 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