GBP/USD – 30M – SELL

The pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.

The bearish trend downwards to the next support at 1.308 is expected.

Caution: A possible change in the direction of the resistance line at 1.31159 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Resistance Level’ indicator signal is detected. The indicator is ‘Resistance Level’. this is usually a bearish chart signal. The currency pair could go down.

Correction of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend is expected. Current target is 1.30992722 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support zone at 1.31159 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Three Outside Down’ candlestick pattern is discovered. The chart forms ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

1.31159 – 1.3111 – 1.31088 – 1.308 – 1.30872 – 1.30848 —
1.31079 – 1.31121 —
54.656337701502 – 57.666547140399 —
– —
1.31159 – 1764018000

Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Down – – – – – – – – –