GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support at 1.34162 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.35437 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Resistance Level’ indicator signal is existing. The indicator is ‘Resistance Level’. this is usually a bearish chart scenario. The currency pair could go down.
Furthermore a ‘Three Outside Down’ chart pattern is found. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.35747 |
| 2nd High | 1.35645 |
| Next High | 1.35437 |
| Current Price | 1.34988 |
| Next Low | 1.34162 |
| 2nd Low | 1.33899 |
| 3rd Low | 1.33699 |
1.34926 – 1.35437 – 1.34822 – 1.34162 – 1.34340 – 1.33899 — 60.623258157307 – 56.892117366974 — 14.818293497096 – 0.1719505642128 – 40.581208745992 – 17.290739682396
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down – – –