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Intraday commentary on patterns

GBPUSD Three Outside Down 4-Hour Chart

Wed, Aug 1 2012, 14:04 GMT
by Mark De La Paz | FX Instructor

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Resistance: 1.5621 moderate/1.5675 strong/1.5727 moderate

Support: 1.5569 minor/1.5515 minor

The Three Outside Down in 4-Hour charts is a confirmation of the overall bearish trend for GBPUSD. With moderate resistance at 1.5621 consider shorts at market given the high credibility bearish pattern with a stop loss above it. Alternatively stops could be placed above the pattern high. Immediate objective is 1.5569, break of which opens us to a sell-off to 1.5515.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices

Published On Wed, Aug 1 2012, 14:06 GMT Previous entries

Mark De La Paz

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Mark's interest in financial markets has been an ongoing affair, starting from college, where he dabbled in the local equity markets with his college fund. Finishing his BA in Public Administration, Mark remained passionate about trading, and started out working in the niche brokerage business among bank traders.

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Intraday commentary on patterns

GBPUSD Three Outside Down 4-Hour Chart

Daily Live Trading Room

Mark De La Paz

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