GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 1.34525 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 1.352 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Northern Doji’ candle chart pattern is detected. The candles form ‘Northern Doji’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36712 |
| 2nd High | 1.35591 |
| Next High | 1.352 |
| Current Price | 1.35136 |
| Next Low | 1.34525 |
| 2nd Low | 1.34165 |
| 3rd Low | 1.34162 |
1.352 – 1.34739 – 1.35591 – 1.34525 – 1.34625 – 1.35345 — 63.023365425271 – 59.958775633685 — 49.773155454623 – 34.776197998947 – 42.994527805847 – 41.048539595187
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji – – –