The combination British Pound/US Dollar (GBP/USD) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 1.34639 will continue.
Caution: A possible change in the direction of the resistance line at 1.35810 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which could be a negative signal. The currency pair could go down.
Additionally a ‘Three Outside Down’ candlestick pattern is detected. The candles form ‘Three Outside 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 Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | |
2nd High | 1.36165 |
Next High | 1.35810 |
Current Price | 1.35376 |
Next Low | 1.34639 |
2nd Low | 1.34559 |
3rd Low | 1.34475 |
1.35810 – 1.36165 – 1.35797 – 1.34639 – 1.34559 – 1.35241
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down